Daily Forex Forecast August 15, 2017

EURUSD:

Expectation: Bullish to neutral

Target: 1.1910

Recommendation: Buy, with a target of 1.1910

Yesterday, the EURUSD pair moved lower and hit a low of 1.1769. Trend analysis indicates that this pair will remain bullish in the near term and the price should soon close above the 1.1850 to 1.1910 resistance levels. Currently, the 1.1730 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 1.1650 levels. The 1.1910 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 1.2000 resistance levels. You can aim to buy with a target of 1.1910.

GBPUSD:

Expectation: Bullish to neutral

Target: 1.3125

Recommendation: Buy, with a target of 1.3125

Yesterday, the GBPUSD pair was slightly bearish and hit a low of 1.2956. 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 1.3030 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: Bullish to neutral

Target: 111.00

Recommendation: Buy, with a target of 111.00

The USDJPY moved up yesterday and hit a peak of 109.79. Trend analysis indicates that this pair is likely to remain bullish or range bound in the near term and could test the 111.00 resistance levels. This pair has a support around the 109.80 region. If the price closes below this point, then the trend will again become bearish, further downward movement would be possible and the 108.70 level could be tested. Currently, the 111.00 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 111.50 level again. You can aim to buy with a target of 111.00.

USDCHF:

Expectation: Bullish to neutral

Target: 0.9765

Recommendation: Buy, with a target of 0.9765

Yesterday, the USDCHF pair moved up and hit a peak of 0.9732. This pair is likely to be bullish in the near term and price could test the 0.9765 to 0.9800 resistance levels again. You can aim to buy with a target of 0.9765. The 0.9765 level is the immediate resistance area for this pair currently. If the price closes above this level, then the trend will turn strongly bullish, further bullish movement would be possible and the price could move towards the 0.9800 levels. The 0.9700 level is the immediate support area for this pair. A clear break below this area would signal that the trend is bearish again and price could then drop towards the 0.9650 levels.