Daily Forex Forecast September 7, 2017

EURUSD:

Expectation: Bullish to neutral

Target: 1.2000

Recommendation: Buy, with a target of 1.2000

Yesterday, the EURUSD pair was range bound. Our forecast for this pair remains unchanged. Trend analysis indicates that this pair will remain bullish in the near term and the price should soon test the 1.2000 to 1.2070 support levels. Currently, the 1.1830 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 1.1770 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 buy with a target of 1.2000.

GBPUSD:

Expectation: Bullish to neutral

Target: 1.3125

Recommendation: Buy, with a target of 1.3125

Yesterday, the GBPUSD pair moved upwards and hit a peak of 1.3082 but later moved lower and closed at 1.3041. 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 1.2980 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 1.2870 levels.. Trend analysis indicates that this pair currently has a resistance area at the 1.3125 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 1.3300 levels. You can aim to buy with a target of 1.3125.

USDJPY:

Expectation: Bearish to neutral

Target: 108.70

Recommendation: Sell, with a target of 108.70

The USDJPY moved lower yesterday initially and moved below the 108.70 mark but later corrected upwards and closed at 109.17. Trend analysis indicates that this pair is likely to remain bearish or range bound in the near term and could test the 108.70 support 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 109.25 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 110.00 level again. You can aim to sell with a target of 108.70.

USDCHF:

Expectation: Bearish to neutral

Target: 0.9525

Recommendation: Sell, with a target of 0.9525

Yesterday, the USDCHF pair was range bound. This pair is likely to be bearish in the near term and price could test the 0.9525 levels. You can aim to sell with a target of 0.9525. 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 strongly bearish again and price could then drop towards the 0.9450 levels and later, the 0.9400 levels.