Daily Forex Forecast August 16, 2017

EURUSD:

Expectation: Bullish to neutral

Target: 1.1770

Recommendation: Buy, with a target of 1.1770

Yesterday, the EURUSD pair moved lower initially and hit a low of 1.1687 but later moved up and closed at 1.1734. Trend analysis indicates that this pair will remain bullish in the near term and the price should soon close above the 1.1770 to 1.1850 resistance levels. 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 1.1770 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 1.1850 resistance levels. You can aim to buy with a target of 1.1770.

GBPUSD:

Expectation: Bearish to neutral

Target: 1.2750

Recommendation: Sell, with a target of 1.2750

Yesterday, the GBPUSD pair was bearish and hit a low of 1.2846. Looking at the trend lines, it is clear that this pair is currently in a bearish to neutral phase. This pair has a support at the 1.2750 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 1.2600 levels. You can aim to sell with a target of 1.2750. Trend analysis indicates that this pair currently has a resistance area at the 1.2890 levels. If the price closes above this level, then the trend would turn bullish, further bullish movement would be possible and the price could move towards the 1.2950 levels, and later towards the 1.3125 region. If price crosses the 1.2890 levels, then you can buy with a target of 1.2950.

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 0.9758 but later moved lower and closed at 0.9726. 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.