Daily Forex Forecast for May 17, 2017

EURUSD:

Expectation: Bullish

Target: 1.1120

Yesterday, the EURUSD pair was bullish and hit a peak of 1.1097. We expect this pair to remain bullish in the near term and the price should move towards the 1.1120 mark. The 1.1050 to 1.1060 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 1.1020 could be tested. You can aim to buy at the 1.1020 levels. Alternatively, if price closes above the resistance level at the 1.1120 mark, then we could expect further bullish movement towards the 1.1185 levels.

GBPUSD:

Expectation: Neutral

Target: 1.2830

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: Neutral to bearish

Target: 112.05

The USDJPY pair was bearish yesterday and hit a low of 112.92. This pair is likely to remain bearish or range bound in the near term and could test the 112.05 levels. You can aim to buy at these levels. This pair has a resistance around the 113.10 region. If the price closes above this point, then further bullish movement could be possible and the 113.60 to 113.85 level could be tested.

USDCHF:

Expectation: Bearish to neutral

Target: 0.9815

The USDCHF pair was bearish yesterday and hit a low of 0.9847. 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. If the price closes below the 0.9815 point, then the 0.9750 level could be tested. The 0.9870 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 0.9950 point.