Support test at ₪3.0438: Can USD/ILS hold support?

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US dollar/shekel up 0.5% to ₪3.0673

Highlights

USD/ILS continues to trade above short, medium, and long-term moving averages, showing buyers are in control across timeframes.
Momentum is positive with several buy signals and intraday indicators confirming strong buyer dominance, but several indicators warn of overbought conditions.
USD/ILS is expected to consolidate within ₪3.052 to ₪3.0826 over the next 2 to 3 trading days, with a high probability of further upside.

Bullish momentum persists as oscillators warn of stretched longs

On the technical front, USD/ILS continues to trade above the MA-20 at ₪3.0481, MA-50 at ₪3.0456, and MA-200 at ₪3.0173 on the hourly chart. Immediate support is marked by the Ichimoku Kijun at ₪3.0438. MACD remains on a buy signal, while ADX is neutral, and the RSI stands at 60.82, suggesting moderate buying strength. Overbought conditions are flagged by both Stoch RSI and CCI, and Bull/Bear Power points to prominent buyer control intraday. The Awesome Oscillator is also positive, highlighting notable bullish momentum, though several oscillators indicate stretched positioning.

Range-bound outlook expected as volatility stays muted

Over the next 2–3 trading days, USD/ILS is likely to consolidate within a range of ₪3.052 to ₪3.0826, consistent with observed low volatility. A bullish scenario could materialize if the price breaks above the upper boundary of this range. Conversely, a bearish reversal would require a decisive move below the immediate Kijun support, though this remains a low-probability outcome given prevailing trends.

Viktoras Karapetjanc, expert at Traders Union, observes that USD/ILS is maintaining steady upward momentum above key moving averages, despite a quiet news environment. He notes that technical signals point to moderate buying strength but also show the risk of overextended positions. The analyst sees modest bullish potential as long as the pair remains above the immediate support. He remains constructive, expecting near-term consolidation within a narrow range. "With bullish momentum still in play and no major news-driven risks, I see upside prevailing for USD/ILS as long as support at ₪3.0438 holds."

Earlier, analysts noted that USD/ILS was demonstrating sustained upward momentum while cautioning about possible short-term overbought risks. The current setup reinforces this view, with technical signals continuing to favor buyers, but traders should monitor for a potential breakout above the established range as a catalyst for renewed volatility.

Source of Data: USD Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.