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USD/ILS Bounces Off 76.4% Fib, No Signs of Reprieve in Tensions

ISRAEL
  • USD/ILS opens lower this morning on the back of a weaker greenback, briefly approaching the 76.4% fib (3.2584) drawn off the 10 May.
  • Today's UNSC meeting will be a key focus to see if the US manages to block and official call for a ceasefire once again, as the conflict trajectory remans firmly in Netanyahu's hands.
  • A shift in tone from Biden towards a ceasefire was broadly ignored by Netanyahu who continues to pursue further goals in Gaza before exploring a de-escalation.
  • Rocket fire has now been noted as coming from Lebanon, following extensive airstrikes in the Gaza strip.
  • Spot USD/ILS moved below key lateral and dynamic support at 3.27 from the 100dma, but was met with buying pressure around the 3.26 level and 76.4% fib.
  • Intraday Sup1: 3.2600, Sup2: 3.2525, Res1: 3.2709, Res2: 3.2739
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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