Daily Forex Forecast August 11, 2017

EURUSD:

Expectation: Bullish to neutral

Target: 1.1820

Recommendation: Buy, with a target of 1.1820

Yesterday, the EURUSD pair moved lower initially and hit a low of 1.1704 but later moved up and closed at 1.1772. Trend analysis indicates that this pair will remain bullish in the near term and the price should soon close above the 1.1785 resistance level. Currently, the 1.1650 point is the immediate support level for this pair. If the price drops below this level (and closes below it), then we can expect the bearish trend to resume and price to drop further and test the 1.1600 levels. The 1.1785 mark is a resistance level for this pair. If the price crosses this resistance level and closes above it, then the bullish trend will strengthen and price could test the 1.1820 resistance levels. You can aim to buy with a target of 1.1820.

GBPUSD:

Expectation: Bullish to neutral

Target: 1.3125

Recommendation: Buy, with a target of 1.3125

Yesterday, the GBPUSD pair remained range bound largely. Looking at the trend lines, it is clear that this pair is currently in a bullish to neutral phase. This pair has a support at the 1.2930 region. If the price drops below this level (and closes below it), then we can expect the trend to turn strongly bearish and price to drop further and test the 1.2865 levels. If price crosses the 1.2930 levels, then you can sell with a target of 1.2865. Trend analysis indicates that this pair currently has a resistance area at the 1.3050 levels. If the price closes above this level, then the trend would turn strongly bullish, further bullish movement would be possible and the price could move towards the 1.3100 to 1.3125 levels, and later towards the 1.3265 region. You can aim to buy with a target of 1.3125.

USDJPY:

Expectation: Bearish to neutral

Target: 108.15

Recommendation: Sell, with a target of 108.15

The USDJPY moved lower yesterday and hit a low of 109.15. Trend analysis indicates that this pair is likely to remain bearish or range bound in the near term and could test the 109.50 to 109.00 support levels. This pair has a support around the 108.15 region. If the price closes below this point, then the trend will become strongly bearish, further downward movement would be possible and the 106.75 level could be tested. Currently, the 109.50 area is a resistance level for this pair. If this level is breached and the pair closes above this point, then the trend would become strongly bullish and price could test the 110.50 level again. You can aim to sell with a target of 108.15.

USDCHF:

Expectation: Bearish to neutral

Target: 0.9550

Recommendation: Sell, with a target of 0.9550

Yesterday, the USDCHF pair moved higher initially and hit a peak of 0.9675 but later turned lower and closed at 0.9625. This pair is likely to be bearish in the near term and price could test the 0.9550 support levels again. You can aim to sell with a target of 0.9550. The 0.9700 level is the immediate resistance area for this pair currently. If the price closes above this level, then the trend will turn bullish, further bullish movement would be possible and the price could move towards the 0.9765 levels. The 0.9550 level is the immediate support area for this pair. A clear break below this area would signal that the trend is strongly bearish and price could then drop towards the 0.9450 levels.