FXCM: Downward movement to a new low is more likely.
The shekel has weakened against the dollar and euro in morning inter-bank trading today. The shekel-dollar exchange rate has risen 0.05%, compared with yesterday's representative rate, to NIS 3.472/$, and the shekel-euro exchange rate has risen 0.11% to NIS 4.803/€.
FXCM Israel says this morning, "After the holiday break, foreign currency trading resumed yesterday, and the shekel-dollar exchange rate was able to correct upward to the key level of NIS 3.47/$, and even neared in NIS 3.48/$ during the trading day.
"Technically, despite the positive momentum, we must wait for a bigger breakthrough above the resistance levels to know whether we are talking about a major upward movement. At this stage, in view of the clear longer term downward trend, only movement above NIS 3.50/$ will change the balance of power and open an opening for a wider correction. Until then, downward movement to a new low is more likely."
Published by Globes [online], Israel business news - www.globes-online.com - on April 17, 2014
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