Daily Forex Forecast October 13, 2017

EURUSD:

Expectation: Bearish to neutral

Target: 1.1785

Recommendation: Sell, with a target of 1.1785

Yesterday, the EURUSD pair moved lower and fell below the 1.1850 mark. Trend analysis indicates that this pair will remain bearish in the near term and the price could soon test the 1.1785 support levels. Currently, the 1.1785 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 strengthen and price to drop further and test the 1.1670 levels. The 1.1900 mark is a resistance level for this pair. If the price crosses this resistance level and closes above it, then the bullish trend will resume and price could test the 1.2000 to 1.2090 resistance levels. You can aim to sell with a target of 1.1785.

GBPUSD:

Expectation: Bullish to neutral

Target: 1.3330

Recommendation: Buy, with a target of 1.3330

Yesterday, the GBPUSD pair moved higher and closed at 1.3258. Looking at the trend lines, it is clear that this pair is currently in a bullish to neutral phase. This pair has a support at the 1.3200 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 1.3150 levels. Trend analysis indicates that this pair currently has a resistance area at the 1.3330 levels. If the price closes above this level, then the trend would turn strongly bullish, further bullish movement would be possible and the price could move towards the 1.3615 levels. You can aim to buy with a target of 1.3330.

USDJPY:

Expectation: Bullish to neutral

Target: 113.20

Recommendation: Buy, with a target of 113.20

The USDJPY was range bound yesterday. Trend analysis indicates that this pair is likely to remain bullish or range bound in the near term and could test the 113.20 resistance levels. This pair has a support around the 111.65 region. If the price closes below this point, then the trend will again become strongly bearish, further downward movement would be possible and the 111.00 level could be tested. Currently, the 113.20 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 level again. You can aim to buy with a target of 113.20.

USDCHF:

Expectation: Bearish to neutral

Target: 0.9650

Recommendation: Sell, with a target of 0.9650

Yesterday, the USDCHF pair too was range bound. This pair is likely to be bearish in the near term and price could test the 0.9650 support levels again. You can aim to sell with a target of 0.9650. The 0.9765 level is the immediate 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 could 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 that the trend is strongly bearish again and price could then drop towards the 0.9600 levels and later, the 0.9550 levels.