Daily Forex Forecast July 28, 2017

EURUSD:

Expectation: Bullish to neutral

Target: 1.1776

Recommendation: Buy, with a target of 1.1776

Yesterday, the EURUSD pair moved lower and hit a low of 1.1650. This is normal volatility and does not indicate a change in the longer term trend. Trend analysis indicates that this pair will remain bullish in the near term and the price should again test the important 1.1776 resistance level. Currently, the 1.1640 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 1.1776 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 1.1776.

GBPUSD:

Expectation: Bearish to neutral

Target: 1.3000

Recommendation: Sell, with a target of 1.3000

Yesterday, the GBPUSD pair initially moved upwards and hit a high of 1.3159 but later moved lower and closed at 1.3062. Looking at the trend lines, it is clear that this pair is currently in a bearish to neutral phase. This pair has a support at the 1.3000 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 1.2935 levels. You can aim to sell with a target of 1.3000. Trend analysis indicates that this pair currently has a resistance area at the 1.3100 levels. If the price closes above this level, then the trend would turn bullish, further bullish movement would be 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.

USDJPY:

Expectation: Bullish to neutral

Target: 112.75

Recommendation: Buy, with a target of 112.75

Yesterday, the USDJPY was range bound. Trend analysis indicates that this pair is likely to remain bullish or range bound in the near term and could test the 112.75 resistance levels. This pair has a support around the 110.60 region. If the price closes below this point, then the trend will become bearish, further downward movement would be possible and the 110.00 level could be tested. Currently, the 111.75 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 112.75 level and later, the 113.50 levels. You can aim to buy with a target of 112.75.

USDCHF:

Expectation: Bullish to neutral

Target: 0.9770

Recommendation: Buy, with a target of 0.9770

Yesterday, the USDCHF pair moved upwards and hit a peak of 0.9661. This pair is likely to be bullish in the near term and price could test the 0.9770 resistance levels. You can aim to buy with a target of 0.9770. The 0.9770 level is a resistance area for this pair currently. If the price closes above this level, then the trend will turn strongly bullish, further bullish movement would be possible and the price would move towards the 0.9810 levels. The 0.9650 level is the immediate support area for this pair. A clear break below this area would signal a change in the current bullish trend and price could then drop towards the 0.9550 levels.