Daily Forex Forecast August 2, 2017

EURUSD:

Expectation: Bullish to neutral

Target: 1.1875

Recommendation: Buy, with a target of 1.1875

Yesterday, the EURUSD pair moved lower and hit a low of 1.1785. This is normal volatility and does not indicate a change in the longer term trend. Trend analysis indicates that this pair will remain bullish in the near term and the price should test the important 1.1875 resistance level. Currently, the 1.1750 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 1.1720 levels. The 1.1875 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 1.1875.

GBPUSD:

Expectation: Bullish to neutral

Target: 1.3250

Recommendation: Buy, with a target of 1.3250

Yesterday, the GBPUSD pair remained range bound. 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 1.3160 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 1.3100 levels. If price crosses the 1.3160 levels, then you can sell with a target of 1.3100. Trend analysis indicates that this pair currently has a resistance area at the 1.3250 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 1.3350 levels. You can aim to buy with a target of 1.3250.

USDJPY:

Expectation: Bullish to neutral

Target: 110.80

Recommendation: Buy, with a target of 110.80

Yesterday, the USDJPY was range bound. Trend analysis indicates that this pair is likely to remain bullish or range bound in the near term and could test the 110.80 resistance levels. This pair has a support around the 110.25 region. If the price closes below this point, then the trend will become bearish, further downward movement would be possible and the 109.50 level could be tested. Currently, the 110.80 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 111.30 level and later, the 111.80 levels. You can aim to buy with a target of 110.80.

USDCHF:

Expectation: Bullish to neutral

Target: 0.9700

Recommendation: Buy, with a target of 0.9700

Yesterday, the USDCHF pair too was range bound. This pair is likely to be bullish in the near term and price could test the 0.9700 resistance levels. You can aim to buy with a target of 0.9700. The 0.9700 level is a 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 would move towards the 0.9760 levels and later, the 0.9810 levels. The 0.9620 level is the immediate support area for this pair. A clear break below this area would signal a change in the current bullish trend and price could then drop towards the 0.9550 levels.