Daily Forex Forecast July 12, 2017

EURUSD:

Expectation: Bullish to neutral

Target: 1.1500

The EURUSD pair was bullish yesterday, as we had predicted, and hit a peak of 1.1479. Trend analysis indicates that this pair will remain bullish in the near term and the price could test the 1.1500 to 1.1525 levels. Currently, the 1.1425 point is the immediate support level for this pair. If the price drops below this level (and closes below it), then we can expect the bearish trend to resume and price to drop further and test the 1.1350 to 1.1285 levels. The 1.1525 mark is a resistance level for this pair. If the price crosses this resistance level and closes above it, then the bullish trend will strengthen and price could test the 1.1615 resistance levels.

GBPUSD:

Expectation: Bearish to neutral

Target: 1.2815

Yesterday, the GBPUSD pair too moved higher initially and hit a peak of 1.2927 but later turned lower and closed at 1.2845. Looking at the trend lines, it is clear that this pair is now in a bearish to neutral phase. Trend analysis indicates that this pair currently has a resistance area at the 1.2925 levels. If the price closes above this level, then further bullish movement is possible and the price could move towards the 1.3000 to 1.3050 levels. If price crosses the 1.3050 levels, then you can buy with a target of 1.3300. This pair has a support at the 1.2815 region. If the price drops below this level (and closes below it), then we can expect the trend to turn bearish and price to drop further and test the 1.2650 levels.

USDJPY:

Expectation: Bullish to neutral

Target: 114.30

Yesterday, the USDJPY pair initially moved upwards and hit a peak of 114.49 but later turned lower and closed at 113.94. Trend analysis indicates that this pair is likely to remain bullish or range bound in the near term and could test the 114.30 levels. This pair has a support around the 113.10 region. If the price closes below this point, then the trend may change, further bearish movement would be possible and the 112.60 level could be tested. You can aim to buy at these levels. Currently, the 114.30 mark is a resistance level for this pair. If this level is breached and the pair closes above this point, then the bullish run would strengthen and price could test the 115.55 levels. You can aim to sell at these levels.

USDCHF:

Expectation: Bearish to neutral

Target: 0.9600

Yesterday, the USDCHF pair was bullish and hit a peak of 0.9696 but later turned downwards and closed at 0.9638. This pair is likely to be bearish in the near term and price could test the 0.9600 to 0.9550 levels. You can aim to sell at the 0.9600 levels. The 0.9690 level is a resistance area for this pair currently. If the price closes above this level, then further bullish movement would be possible and the price would move towards the 0.9760 levels. The 0.9760 level is the immediate resistance area for this pair. A clear break above this area would signal a change in the current bearish trend.