Daily Forex Forecast for May 23, 2017

EURUSD:

Expectation: Bullish

Target: 1.1350

Yesterday, the EURUSD pair was bullish and hit a peak of 1.1263. We expect this pair to remain bullish in the longer term and the price should move towards the 1.1300 to 1.1350 mark. The 1.1210 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 1.1175 could be tested. You can aim to buy at the 1.1175 levels. Alternatively, if price closes above the resistance level at the 1.1285 mark, then we could expect further bullish movement towards the 1.1350 levels.

GBPUSD:

Expectation: Bullish to neutral

Target: 1.3050

The GBPUSD pair remained range bound yesterday. This pair is likely to remain bullish or range bound in the near term. This pair currently has a resistance area at the 1.3050 level. If the price closes above this level, then further bullish movement is possible and the price could move towards the 1.3175 levels. The pair has a support at the 1.2950 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 1.2900 could be tested. You can aim to buy at these levels.

USDJPY:

Expectation: Bullish

Target: 112.00

The USDJPY pair was range bound yesterday. This pair is likely to remain bullish or range bound in the near term and could test the 112.00 levels. You can aim to sell at these levels. Currently, the 111.00 mark is a support level for this pair. If the 111.00 levels are breached and the pair closes below this point, then price could test the 108.25 to 108.50 levels. This pair has a resistance around the 111.60 region. If the price closes above this point, then further bullish movement could be possible and the 112.00 level could be tested.

USDCHF:

Expectation: Bearish

Target: 0.9650

The USDCHF pair too was largely range bound yesterday. This pair is likely to be bearish in the near term and could test the 0.9650 support level. You can aim to buy at this level. The 0.9750 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 0.9815 to 0.9850 levels.