Daily Forex Forecast July 20, 2017

EURUSD:

Expectation: Bullish to neutral

Target: 1.1550

The EURUSD pair moved lower yesterday and hit a low of 1.1510. Trend analysis indicates that this pair will remain bullish in the near term and the price could test the 1.1615 levels. Currently, the 1.1450 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 levels, and later the 1.1285 levels. The 1.1550 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. You can aim to buy with a target of 1.1550.

GBPUSD:

Expectation: Bearish to neutral

Target: 1.2935

Yesterday, the GBPUSD pair moved sideways. Looking at the trend lines, it is clear that this pair is currently in a bearish to neutral phase. Trend analysis indicates that this pair currently has a resistance area at the 1.3070 levels. If the price closes above this level, then further bullish movement is possible and the price could move towards the 1.3200 levels. If price crosses the 1.3070 levels, then you can buy with a target of 1.3200. This pair has a support at the 1.2935 region. If the price drops below this level (and closes below it), then we can expect the trend to turn strongly bearish and price to drop further and test the 1.2810 levels. You can aim to sell with a target of 1.2935.

USDJPY:

Expectation: Bullish to neutral

Target: 112.75

Yesterday, the USDJPY pair moved lower initially and hit a low of 111.55, before moving upwards and closing at 111.93. Trend analysis indicates that this pair is likely to remain bullish or range bound in the near term and could test the 112.75 levels. This pair has a support around the 111.70 region. If the price closes below this point, then the trend will become bearish, further downward movement would be possible and the 111.00 level could be tested. Currently, the 112.75 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 buy with a target of 112.75.

USDCHF:

Expectation: Bearish to neutral

Target: 0.9450

Yesterday, the USDCHF pair was range bound. This pair is likely to be bearish in the near term and price could test the 0.9500 to 0.9450 levels. You can aim to sell at the 0.9500 levels. The 0.9580 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 0.9650 levels, and later the 0.9760 levels. The 0.9580 level is the immediate resistance area for this pair. A clear break above this area would signal a change in the current bearish trend.