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USD/ILS Resilient, Despite More Resolute Israeli Offensive

ISRAEL
  • USD/ILS trades flat to slightly higher at the open, despite a broad escalation in tensions over the weekend.
  • With the UN far from a resolution, the crisis looks set to continue as long as Hamas can hold out – having incurred substantial damage due to persistent Israeli airstrikes.
  • Netanyahu has showed no sign of yielding or offering a reprieve from military operations, which look set to continue all week.
  • USD/ILS remains within the 3.30-3.27 range for now, adding pressure on the lower bound. Spot remains just above the 100dma at 3.2705, and will need to close below to sees more downside momentum.
  • Sell side seems confident in robust resistance at 3.30, given the muted reaction to increased tensions thus far, looking to target 3.24-3.25 on a moderation in tensions.
  • Intraday Sup1: 3.2709, Sup2: 3.2656, Res1: 3.2792, Res2: 3.2843
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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