Short Term Correction Ahead, But Long Term Bullish

We see some technical correction ahead for the shekel, after it hit our long-held target of ILS4.000/US$ on April 26. Not only was this a key resistance level, but we also see scope for a small dollar bounce, while political noise in Israel is also likely to continue for some time. However, the fundamentals are very positive, and we view a breach of ILS4.1500/US$ on the downside as unlikely.

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