Daily Forex Forecast September 12, 2017

EURUSD:

Expectation: Bearish to neutral

Target: 1.1865

Recommendation: Sell, with a target of 1.1865

Yesterday, the EURUSD pair moved lower and hit a low of 1.1947. Trend analysis indicates that this pair will remain bearish in the near term and the price could soon test the 1.1865 support levels. Currently, the 1.1865 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 1.1820 levels. The 1.2000 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 1.2070 resistance levels. You can aim to sell with a target of 1.1865.

GBPUSD:

Expectation: Bearish to neutral

Target: 1.3080

Recommendation: Sell, with a target of 1.3080

Yesterday, the GBPUSD pair moved upwards initially and hit a peak of 1.3222 before moving lower and closing at 1.3162. 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 1.3080 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 1.3000 levels.. Trend analysis indicates that this pair currently has a resistance area at the 1.3220 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 1.3265 levels. You can aim to sell with a target of 1.3080.

USDJPY:

Expectation: Bullish to neutral

Target: 110.00

Recommendation: Buy, with a target of 110.00

The USDJPY moved up yesterday and hit a peak of 109.50. Trend analysis indicates that this pair is likely to remain bullish or range bound in the near term and could test the 110.00 resistance levels. This pair has a support around the 108.70 region. If the price closes below this point, then the trend will again become strongly bearish, further downward movement would be possible and the 108.00 level could be tested. Currently, the 110.00 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 111.00 level again. You can aim to buy with a target of 110.00.

USDCHF:

Expectation: Bullish to neutral

Target: 0.9600

Recommendation: Buy, with a target of 0.9600

Yesterday, the USDCHF pair moved upwards. This pair is likely to be bullish in the near term and price could test the 0.9600 resistance levels again. You can aim to buy with a target of 0.9600. The 0.9600 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 0.9650 levels. The 0.9525 level is the immediate support area for this pair. A clear break below this area would signal that the trend is bearish again and price could then drop towards the 0.9450 levels and later, the 0.9400 levels.