USD/ILS 1H Chart: Two scenarios likely

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)SellNeutralNeutral
Alligator(13;8;5)SellSellSell
SAR(0.02;0.2)BuySellBuy
Aggregate

The US Dollar has been depreciating against the Israeli Shekel since the end of April when the USD/ILS pair reversed south from the upper boundary of the short-term descending channel at 3.6415.  

As apparent on the chart, the currency pair has already reached the lower channel line at the 3.5570 mark. From a theoretical point of view, the pair should reverse north and continue to trade within the given channel. 

However, note, that the exchange rate is pressured by the 200-hour SMA, currently located at 3.5917. Thus, if the given channel does not hold, a breakout south might occur in the nearest future. A possible downside target is the Fibonacci 61.80% retracement at 3.5163.

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