Daily Forex Forecast September 21, 2017

EURUSD:

Expectation: Bearish to neutral

Target: 1.1820

Recommendation: Sell, with a target of 1.1820

Yesterday, the EURUSD pair moved lower and hit a low of 1.1861. Trend analysis indicates that this pair will remain bearish in the near term and the price could soon test the 1.1820 support levels. Currently, the 1.1820 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 1.1700 levels. The 1.1950 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 resistance levels. You can aim to sell with a target of 1.1820.

GBPUSD:

Expectation: Bearish to neutral

Target: 1.3400

Recommendation: Sell, with a target of 1.3400

Yesterday, the GBPUSD pair initially moved higher and broke through the 1.3615 resistance before turning lower and closing at 1.3492. 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 1.3400 region (the previous resistance). 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 1.3350 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 sell with a target of 1.3400.

USDJPY:

Expectation: Bullish to neutral

Target: 113.10

Recommendation: Buy, with a target of 113.10

The USDJPY too was bullish yesterday and hit a peak of 112.53. Trend analysis indicates that this pair is likely to remain bullish or range bound in the near term and could test the 113.10 resistance levels. This pair has a support around the 112.15 region (the previous resistance). 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 113.10 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 113.10.

USDCHF:

Expectation: Bullish to neutral

Target: 0.9765

Recommendation: Buy, with a target of 0.9765

Yesterday, the USDCHF pair too was bullish and hit a peak of 0.9717. This pair is likely to be bullish in the near term and price could test the 0.9765 resistance levels again. You can aim to buy with a target of 0.9765. 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.