Daily Forex Forecast July 25, 2017

EURUSD:

Expectation: Bullish to neutral

Target: 1.1715

Recommendation: Buy, with a target of 1.1715

Yesterday, the EURUSD pair remained range bound. Trend analysis indicates that this pair will remain bullish in the near term and the price could test the 1.1715 levels. Currently, the 1.1620 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

Recommendation: Sell, with a target of 1.2935

Yesterday, the GBPUSD pair moved upwards and hit a high of 1.3058 but later moved lower and closed at 1.3028. This is a minor gain and does not indicate a change in trend. 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 1.3100 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 1.3100 levels, then you can buy with a target of 1.3300. 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

Recommendation: Sell, with a target of 110.61

Yesterday, the USDJPY pair moved lower and hit a low of 110.61 but later moved upwards and closed at 111.10. Trend analysis indicates that this pair is likely to remain bearish or range bound in the near term and could test the 110.61 levels. This pair has a support around the 110.61 region. If the price closes below this point, then the trend will become strongly bearish, further downward movement would be possible and the 110.25 level and later 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 110.61.

USDCHF:

Expectation: Bearish to neutral

Target: 0.9450

Recommendation: Sell, with a target of 0.9450

Yesterday, the USDCHF pair remained range bound. This pair is likely to be bearish in the near term and price could test the 0.9450 support levels, and later the 0.9250 area. You can aim to sell at the 0.9450 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.