ILS: Further Appreciation Expected

Our near-term outlook on the Israeli shekel is bullish. The unit has appreciated steadily against the US dollar since the middle of May, and we foresee the possibility of further gains to ILS3.3000/US$, from ILS3.3620/US$ currently. On the other hand, a fall through support at ILS3.4500/US$ would be a bearish signal, presaging further losses towards ILS3.5500/US$.

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