Daily Forex Forecast for May 16, 2017

EURUSD:

Expectation: Bullish

Target: 1.1020

Yesterday, the EURUSD pair was bullish and hit a peak of 1.0989. We expect this pair to remain bullish in the near term and the price should move towards the 1.1020 mark. The 1.0950 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 1.0850 could be tested. You can aim to buy at the 1.0850 levels. Alternatively, if price closes above the resistance level at the 1.1020 mark, then we could expect further bullish movement towards the 1.1120 levels.

GBPUSD:

Expectation: Bearish to neutral

Target: 1.2780

The GBPUSD pair remained range bound yesterday. 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: Bullish

Target: 114.25

The USDJPY pair was bullish yesterday and hit a peak of 113.85. This pair is likely to remain bullish in the near term and could test the 114.25 levels. If the price closes above this point, then further bullish movement could be possible and the 115.00 level could be tested. This pair has a support around the 113.40 to 113.45 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 113.00 could be tested. You can aim to buy at these levels.

USDCHF:

Expectation: Bearish to neutral

Target: 1.0170

The USDCHF pair was bearish yesterday and hit a low of 0.9957. This pair is likely to be bearish in the near term and could test the 0.9815 support level. You can aim to buy at this level. The 0.9985 point is a resistance level for this pair. If this mark is breached and the pair closes above this level, then we could see further bullish momentum with price moving towards the 1.0020 point.