Daily Forex Forecast August 29, 2017

EURUSD:

Expectation: Bullish to neutral

Target: 1.2000

Recommendation: Buy, with a target of 1.2000

Yesterday, the EURUSD pair was bullish and hit a peak of 1.1983. Trend analysis indicates that this pair will remain bullish in the near term and the price should soon test the 1.2000 to 1.2500 resistance levels. Currently, the 1.1910 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 1.1730 levels. The 1.1200 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 1.2100 to 1.2175 resistance levels. You can aim to buy with a target of 1.2000.

GBPUSD:

Expectation: Bullish to neutral

Target: 1.3000

Recommendation: Buy, with a target of 1.3000

Yesterday, the GBPUSD pair moved up and closed above the 1.2915 key resistance. 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 1.2870 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 1.2800 levels.. Trend analysis indicates that this pair currently has a resistance area at the 1.3000 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 levels. You can aim to buy with a target of 1.3000.

USDJPY:

Expectation: Bullish to neutral

Target: 109.85

Recommendation: Buy, with a target of 109.85

The USDJPY was range bound yesterday. Our forecast for this pair remains unchanged. Trend analysis indicates that this pair is likely to remain bullish or range bound in the near term and could test the 109.85 resistance levels. This pair has a support around the 109.35 region. If the price closes below this point, then the trend will again become strongly bearish, further downward movement would be possible and the 108.70 level could be tested. Currently, the 109.85 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 buy with a target of 109.85.

USDCHF:

Expectation: Bearish to neutral

Target: 0.9500

Recommendation: Sell, with a target of 0.9500

Yesterday, the USDCHF too remained range bound. This pair is likely to be bearish in the near term and price could test the 0.9500 to 0.9450 support levels again. You can aim to sell with a target of 0.9500. The 0.9600 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 0.9700 levels. The 0.9500 level is the immediate support area for this pair. A clear break below this area would signal that the trend is strongly bearish again and price could then drop towards the 0.9450 levels and later, the 0.9400 levels.