Daily Forex Forecast September 20, 2017

EURUSD:

Expectation: Bullish to neutral

Target: 1.2090

Recommendation: Buy, with a target of 1.2090

Yesterday, the EURUSD pair moved up and hit a peak of 1.2006. Trend analysis indicates that this pair will remain bullish in the near term and the price could soon test the 1.2090 resistance levels. Currently, the 1.1950 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 1.1870 levels. The 1.2090 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 1.2090.

GBPUSD:

Expectation: Bullish to neutral

Target: 1.3550

Recommendation: Buy, with a target of 1.3550

Yesterday, the GBPUSD pair remained range bound. 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 1.3400 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 1.3350 to 1.3300 levels. Trend analysis indicates that this pair currently has a resistance area at the 1.3550 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 1.3550.

USDJPY:

Expectation: Bullish to neutral

Target: 112.15

Recommendation: Buy, with a target of 112.15

The USDJPY too 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 112.15 resistance levels. This pair has a support around the 111.00 region. If the price closes below this point, then the trend will again become strongly bearish, further downward movement would be possible and the 110.50 level could be tested. Currently, the 112.15 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 113.10 level again. You can aim to buy with a target of 112.15.

USDCHF:

Expectation: Bearish to neutral

Target: 0.9525

Recommendation: Sell, with a target of 0.9525

Yesterday, the USDCHF pair too remained range bound. 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.