The Israeli shekel looks to extend one of its best rallies in a while against the US dollars. Bearish investors are slowly but steadily driving the pair towards its support level. It’s believed that prices would hit their lowest ranges since June 2011, an impressive feat for the Israeli shekel. Looking at it, the shekel has successfully erased its losses against the US dollar from the beginning of the coronavirus pandemic. However, the situation looks like it’s getting dire and some experts are now saying that it could have a reversal anytime soon, perhaps once it reaches that support. With the number of cases continuing to rise, the government of Israel said last week that it will be mandating new restrictions that will include closing business and even beaches on weekends just to contain the spread. According to reports, the closure is going to be costly for the government and should strike approximately 800 million shekels from its still-recovering economy.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.