USD/ILS 1H Chart: Senior channel in sight
The Israeli Shekel has been appreciating against the US Dollar since the beginning of August after the pair reversed from the upper boundary of a medium-term channel at 3.7237.
As apparent on the chart, the pair is testing the lower channel line at 3.5700. From the theoretical point of view, a reversal and a breakout from a junior descending channel could occur in the nearest future Technical indicators for the 1W time-frames also support bullish scenario. A possible upside target for the following sessions is the 100-period (1D) SMA at 3.6233.
In case the Fibonacci 38.20% retracement at 3.5968 is not surpassed, the pair could breach the senior channel and aim for the weekly PP at 3.5430.
As apparent on the chart, the pair is testing the lower channel line at 3.5700. From the theoretical point of view, a reversal and a breakout from a junior descending channel could occur in the nearest future Technical indicators for the 1W time-frames also support bullish scenario. A possible upside target for the following sessions is the 100-period (1D) SMA at 3.6233.
In case the Fibonacci 38.20% retracement at 3.5968 is not surpassed, the pair could breach the senior channel and aim for the weekly PP at 3.5430.