Daily Forex Forecast for May 26, 2017

EURUSD:

Expectation: Bullish

Target: 1.1265

Yesterday, the EURUSD pair was range bound and largely hovered between the 1.1265 to 1.1175 levels. 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 1.1175 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 1.1265 mark, then we could expect further bullish movement towards the 1.1300 to 1.1350 levels.

GBPUSD:

Expectation: Bullish to neutral

Target: 1.3050

Yesterday, the GBPUSD pair initially moved higher and hit a peak of 1.3013 but later closed at 1.2940. This pair is likely to remain bullish or range bound in the near term. The pair has a support at the 1.2930 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. 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.

USDJPY:

Expectation: Bearish

Target: 110.85

Yesterday, the USDJPY pair remained range bound largely. This pair is likely to remain bearish or range bound in the near term and could test the 110.00 levels. You can aim to buy at these levels. Currently, the 110.85 mark is a support level for this pair. If this level is breached and the pair closes below this point, then price could test the 110.00 levels. This pair has a resistance around the 112.00 region. If the price closes above this point, then further bullish movement could be possible and the 113.00 level could be tested.

USDCHF:

Expectation: Bearish

Target: 0.9650

Yesterday, the USDCHF pair too was largely range bound. 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 0.9650 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. The 0.9780 level is a resistance point for this pair currently.