Daily Forex Forecast July 24, 2017

EURUSD:

Expectation: Bullish to neutral

Target: 1.1715

As we had predicted, the EURUSD pair moved up last week and hit a peak of 1.1682. Trend analysis indicates that this pair will remain bullish in the near term and the price could test the 1.1715 levels. Currently, the 1.1650 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 1.1580 levels. The 1.1715 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 1.1870 resistance levels, and later the 1.2000 area. You can aim to buy with a target of 1.1715.

GBPUSD:

Expectation: Bearish to neutral

Target: 1.2935

Last week, the GBPUSD pair moved lower and hit a low of 1.2932. 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 1.3000 to 1.3030 levels. If the price closes above this level, then further bullish movement is possible and the price could move towards the 1.3100 levels. If price crosses the 1.3030 levels, then you can buy with a target of 1.3100. 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: Bearish to neutral

Target: 110.25

Last week, the USDJPY pair moved lower and breached the key 111.45 support area. Trend analysis indicates that this pair is likely to remain bearish or range bound in the near term and could test the 110.25 levels. This pair has a support around the 110.25 region. If the price closes below this point, then the trend will become strongly bearish, further downward movement would be possible and the 109.50 level could be tested. Currently, the 111.45 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 bullish and price could test the 112.70 levels. You can aim to sell with a target of 110.25.

USDCHF:

Expectation: Bearish to neutral

Target: 0.9350

As we had predicted, the USDCHF pair moved lower last week and hit a low of 0.9438. This pair is likely to be bearish in the near term and price could test the 0.9350 support levels, and later the 0.9250 area. You can aim to sell at the 0.9350 levels. The 0.9550 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 0.9550 level is the immediate resistance area for this pair. A clear break above this area would signal a change in the current bearish trend.