Daily Forex Forecast for May 11, 2017

EURUSD:

Expectation: Bearish to neutral

Target: 1.0850 to 1.0950

Yesterday, the EURUSD pair remained range bound largely. At this point in time, we expect this pair to remain bearish in the near term. The 1.0850 point is an immediate support level for this pair in the near term. If the price drops below this level (and closes below it), then we can expect price to drop further and the next support at 1.0730 could be tested. Alternatively, if price closes above the resistance level at the 1.0910 mark, then we could expect further bullish movement towards the 1.0950 levels. You can aim to buy at the 1.0850 levels, keeping in mind the bearish outlook.

GBPUSD:

Expectation: Bearish near term

Target: 1.2900 to 1.2885

The GBPUSD pair also remained range bound yesterday. This pair is likely to remain bearish or range bound in the near term though we expect the price to stay bullish in the longer term. In the near term, the price is likely to test the support levels at the 1.2900 to 1.2885 regions. You can aim to buy at these levels. This pair currently has a resistance area at the 1.2950 to 1.2960 levels. If the price closes above this level, then further bullish movement is possible and the price could move towards the 1.3000 to 1.3050 levels.

USDJPY:

Expectation: Bullish

Target: 115.00

Yesterday, the USDJPY pair was bearish initially and hit a low of 113.62 before recovering to close at 114.28. Our forecast for this pair remains the same at this time – this pair is likely to remain bullish in the near term and could test the 115.00 levels. This pair has a strong support at the 113.50 mark currently – if the price closes below this point, then further bearish movement could be possible and the 112.85 level could be tested. If that happens, then you can aim to buy at the 112.85 level. At the moment though, we expect further bullish movement and this pair could move towards the 115.00 levels.

USDCHF:

Expectation: Bullish to neutral

Target: 1.0170

The USDCHF pair remained range bound yesterday. This pair is likely to be bullish in the near term and could test the 1.0170 resistance point. You can aim to sell at this level. The 1.0020 point is a support level for this pair. If this mark is breached and the pair closes below this level, then we could see further bearish momentum with price moving towards the 0.9970 point. Meanwhile, we expect further bullish momentum in this pair and expect the price to move towards the 1.0170 mark.