Daily Forex Forecast for May 24, 2017

EURUSD:

Expectation: Bearish near term

Target: 1.1175

Yesterday, the EURUSD pair was bearish and hit a low of 1.1175. We expect this pair to remain bullish in the longer term and the price should move towards the 1.1300 to 1.1350 mark. However, in the near term, a bearish momentum is likely. The 1.1175 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 1.1110 could be tested. You can aim to buy at the 1.1110 levels. Alternatively, if price closes above the resistance level at the 1.1210 mark, then we could expect further bullish movement towards the 1.1285 levels.

GBPUSD:

Expectation: Bullish to neutral

Target: 1.3050

Yesterday, the GBPUSD pair initially moved higher and hit a peak of 1.3033 but later closed at 1.2960. 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

Yesterday, the USDJPY pair initially moved lower and hit a low of 110.86 before finally closing at 111.78. 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: Bullish

Target: 0.9815

Yesterday, the USDCHF pair too initially moved lower and hit a low of 0.9701 before finally closing at 0.9760. This pair is likely to be bullish in the near term and could test the 0.9815 support level. You can aim to sell at this level. The 0.9730 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 0.9650 levels.