The Bank of Israel remains a central player in this transition, having purchased $801 million in foreign currency throughout May to prevent the shekel from overextending. Following a strengthening trend that persisted since October 2023, the currency recently touched a low of 2.7978 per dollar. This level is now being closely watched by analysts as a key support point for either a rebound or a deeper slide.
Following that low, the exchange rate climbed to 2.9876, placing it near the midpoint of its recent retracement. Market participants are now focused on the psychological threshold of 3.0; a sustained break above this mark could trigger further upward momentum toward 3.0318. Conversely, should the currency struggle to hold its ground, technical indicators point to potential support levels at 2.7754 and 2.6990.
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