Daily Forex Forecast July 17, 2017

EURUSD:

Expectation: Bullish to neutral

Target: 1.1530

The EURUSD pair was bullish last week and hit a peak of 1.1489. 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 1.1435 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 1.1390 levels. The 1.1530 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, and later the 1.1715 area.

GBPUSD:

Expectation: Bullish to neutral

Target: 1.3200

Last week, the GBPUSD pair moved upwards, breached the 1.3050 resistance levels, and hit a peak of 1.3113. Looking at the trend lines, it is clear that the trend has changed and this pair is now in a bullish to neutral phase. Trend analysis indicates that this pair currently has a resistance area at the 1.3200 levels. If the price closes above this level, then further bullish movement is possible and the price could move towards the 1.3300 levels. If price crosses the 1.3200 levels, then you can buy with a target of 1.3300. This pair has a support at the 1.3050 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 1.3000 levels.

USDJPY:

Expectation: Bearish to neutral

Target: 111.50

Last week, the USDJPY pair moved lower and breached the key support at 112.75. Trend analysis indicates that this pair is likely to remain bearish or range bound in the near term and could test the 111.50 levels. This pair has a support around the 111.50 region. If the price closes below this point, then the trend will become strongly bearish, further bearish movement would be possible and the 111.00 level could be tested. You can aim to buy at these levels. Currently, the 113.00 area is a resistance level for this pair. If this level is breached and the pair closes above this point, then the trend would become strongly bullish and price could test the 113.50 levels. You can aim to sell at these levels.

USDCHF:

Expectation: Bearish to neutral

Target: 0.9600

Last week, the USDCHF pair was range bound. 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 0.9690 level is the immediate resistance area for this pair. A clear break above this area would signal a change in the current bearish trend.