Daily Forex Forecast September 8, 2017

EURUSD:

Expectation: Bullish to neutral

Target: 1.2150

Recommendation: Buy, with a target of 1.2150

Yesterday, the EURUSD pair moved up and hit a peak of 1.2059. Trend analysis indicates that this pair will remain bullish in the near term and the price should soon test the 1.2150 resistance levels. Currently, the 1.2020 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 1.1980 levels. The 1.2150 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 1.2350 resistance levels. You can aim to buy with a target of 1.2150.

GBPUSD:

Expectation: Bullish to neutral

Target: 1.3165

Recommendation: Buy, with a target of 1.3165

Yesterday, the GBPUSD pair moved upwards and hit a peak of 1.3115, as we had predicted. 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 1.3080 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 1.2980 levels.. Trend analysis indicates that this pair currently has a resistance area at the 1.3165 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 1.3165.

USDJPY:

Expectation: Bearish to neutral

Target: 107.50

Recommendation: Sell, with a target of 107.50

The USDJPY moved lower yesterday and closed below the 108.70 mark, as we had predicted. Trend analysis indicates that this pair is likely to remain bearish or range bound in the near term and could test the 107.50 support levels. This pair has a support around the 107.50 region. If the price closes below this point, then the trend will again become strongly bearish, further downward movement would be possible and the 107.00 level could be tested. Currently, the 108.70 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 109.25 level again. You can aim to sell with a target of 107.50.

USDCHF:

Expectation: Bearish to neutral

Target: 0.9450

Recommendation: Sell, with a target of 0.9450

Yesterday, the USDCHF pair moved lower and hit a low of 0.9493. This pair is likely to be bearish in the near term and price could test the 0.9450 levels. You can aim to sell with a target of 0.9450. The 0.9525 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 0.9580 levels. The 0.9450 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 0.9400 levels and later, the 0.9250 levels.