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.
FibonacciilsMoving AveragesParallel ChannelUSDUSDILS

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