Daily Forex Forecast for May 15, 2017

EURUSD:

Expectation: Bullish to neutral

Target: 1.0850 to 1.0950

Last week, the EURUSD pair remained range bound largely. The pair breached the key support at 1.0850 and moved below this level but later recovered and closed at the 1.0931 level. We expect this pair to remain bullish in the near term and the price should move towards the 1.0950 mark. 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 1.0900 mark, then we could expect further bullish movement towards the 1.0950 levels. You can aim to buy at the 1.0850 levels.

GBPUSD:

Expectation: Bearish to neutral

Target: 1.2780

The GBPUSD pair remained bearish last week and hit a low of 1.2844. This pair is likely to remain bearish or range bound in the near term. The price is likely to test the support level at the 1.2830 region. If the price drops below this level (and closes below it), then we can expect price to drop further and the next support at 1.2780 could be tested. You can aim to buy at these levels. This pair currently has a resistance area at the 1.2915 level. If the price closes above this level, then further bullish movement is possible and the price could move towards the 1.2950 levels.

USDJPY:

Expectation: Bearish

Target: 113.00

The USDJPY pair was bullish last week and hit a peak of 114.36 before dropping to close at 113.34. This pair is likely to remain bearish in the near term and could test the 113.00 levels. You can aim to buy at these levels. This pair has a strong resistance at the 113.50 mark currently – if the price closes above this point, then further bullish movement could be possible and the 114.50 level could be tested. If that happens, then you can aim to sell at the 114.50 level. At the moment though, we expect further bearish movement and this pair could move towards the 113.00 levels.

USDCHF:

Expectation: Bullish to neutral

Target: 1.0170

The USDCHF pair largely remained bullish last week. Our forecast for this pair remains the same at this time. 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.