Daily Forex Forecast September 18, 2017

EURUSD:

Expectation: Bullish to neutral

Target: 1.2000

Recommendation: Buy, with a target of 1.2000

Last week, the EURUSD pair initially moved lower and hit a low of 1.1837 but later moved up and closed higher at 1.1947. Trend analysis indicates that this pair will remain bullish in the near term and the price could soon test the 1.2000 resistance levels. Currently, the 1.1870 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 1.2175 resistance levels. You can aim to buy with a target of 1.2000.

GBPUSD:

Expectation: Bullish to neutral

Target: 1.3700

Recommendation: Buy, with a target of 1.3700

Last week, the GBPUSD pair moved sharply upwards and hit a peak of 1.3616. 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 1.3500 region (the previous resistance). 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 1.3450 to 1.3400 levels. Trend analysis indicates that this pair currently has a resistance area at the 1.3700 to 1.3750 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 1.3900 levels. You can aim to buy with a target of 1.3700.

USDJPY:

Expectation: Bullish to neutral

Target: 111.50

Recommendation: Buy, with a target of 111.50

The USDJPY moved up last week and breached the 111.00 resistance levels. Trend analysis indicates that this pair is likely to remain bullish or range bound in the near term and could test the 112.15 resistance levels. This pair has a support around the 110.50 region. If the price closes below this point, then the trend will again become strongly bearish, further downward movement would be possible and the 109.70 level could be tested. Currently, the 111.50 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 112.15 level again. You can aim to buy with a target of 111.50.

USDCHF:

Expectation: Bearish to neutral

Target: 0.9525

Recommendation: Sell, with a target of 0.9525

Last week, the USDCHF pair moved up initially and hit a peak of 0.9703 but later turned downwards and closed at 0.9595. This pair is likely to be bearish in the near term and price could test the 0.9525 support levels again. You can aim to sell with a target of 0.9525. The 0.9650 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 0.9700 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 strongly bearish again and price could then drop towards the 0.9450 levels and later, the 0.9400 levels.