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The shekel strengthened significantly against the USD in April but strategists at Credit Suisse now expect USD/ILS to settle in a range between 3.45 and 3.65 in the short run.  

Key quotes

“USD/ILS upside will be limited to around 3.65 in the short run unless S&P 500 weakens substantially. Even in the context of a scenario in which S&P 500 re-visits its March low, we remain skeptical about the potential for USD/ILS to re-visit its March high of 3.89.” 

“In the absence of S&P 500 weakness, we do not recommend chasing USD/ILS lower due to the risk of shekel appreciation being stopped by central bank intervention in the FX market. We think that USD/ILS will remain at or above 3.45.”