Daily Forex Forecasts for the week from 1st May to 5th May 2017

Daily Forex Forecast for May 5, 2017

EURUSD:

Expectation: Bullish

Target: 1.1000 to 1.1050

Yesterday, the EURUSD pair moved upwards strongly, broke out of the 1.0850 to 1.0950 region, and hit a peak of 1.0987. At this point in time, we expect this pair to remain bullish in the near term. The 1.0950 to 1.0940 levels should provide support for this pair in the near term. If the price drops below this level (and closes below it), then we can expect price to drop further and remain range bound for some time in the 1.0850 to 1.0950 area. Meanwhile, we expect the price to rise in the near term and test the 1.1000 to 1.1050 levels.

GBPUSD:

Expectation: Bullish

Target: 1.2965

The GBPUSD pair initially moved lower yesterday and hit a low of 1.2835 before recovering and ending the day higher at 1.2920. This large recovery hints at strong bullish sentiment in the market and we expect the price to stay bullish in the near term. Hence, this pair is likely to move upwards and test the 1.2965 levels in the near term. This pair currently has a support at the 1.2875 region. If the price closes below this level, then the next support at 1.2750 could be tested or the price may remain range bound for some time.

USDJPY:

Expectation: Bullish to neutral

Target: 113.60

The USDJPY pair initially moved upwards yesterday and peaked at the 113.04 level but later dropped lower and ended the day at the 112.46 mark. Our forecast for this pair remains the same at this time – this pair is likely to remain bullish in the near term and could test the 113.60 level in the near term. This pair has a strong support at the 112.40 to 112.50 region currently – if the price closes below this point, then further bearish movement could be possible and the 111.85 level could be tested. If that happens, then you can aim to buy at the 111.85 level. At the moment though, we expect further bullish movement and this pair may move towards the 113.60 level.

USDCHF:

Expectation: Bearish

Target: 0.9810

The USDCHF pair moved lower yesterday and hit the 0.9880 level, as we had predicted. This pair is likely to remain bearish in the near term and may reach the 0.9810 levels. The 0.9880 point is a resistance level for this pair. If this mark is breached and the pair closes above this level, then we could see further bullish momentum with price moving towards the 0.9950 point. Meanwhile, we expect further bearish momentum in this pair and expect the price to move towards the 0.9810 mark.

Daily Forex Forecast for May 4, 2017

EURUSD:

Expectation: Neutral

Target: 1.0850 to 1.0950

The EURUSD pair moved lower yesterday and touched a low of 1.0882. At this time, we expect this pair to remain in the 1.0850 to 1.0950 region. The 1.0850 point continues to be a strong support for this pair. If the price drops below this mark (and closes below it), then we can expect price to drop further and test the 1.0750 to 1.0730 range. Similarly, the 1.0950 point provides some resistance to this pair currently. If the pair closes above the 1.0950 mark, then we could see further strong bullish movement.

GBPUSD:

Expectation: Neutral to bearish

Target: 1.2780 to 1.2900

The GBPUSD pair moved lower yesterday and hit a low of 1.2865. We expect that this pair may remain range bound in the near term with price hovering between the 1.2900 to 1.2780 levels. This pair currently has a support at the 1.2850 to 1.2860 region. If the price closes below this level, then the next support at 1.2750 could be tested or the price may remain range bound for some time. Alternatively, if the price closes above the 1.2900 mark, then further bullish movement will be possible.

USDJPY:

Expectation: Bullish

Target: 113.60

The USDJPY pair remained bullish yesterday and peaked at the 112.77 level. Our forecast for this pair remains the same at this time – this pair is likely to remain bullish in the near term and could test the 113.60 level in the near term. This pair has a strong support at the 112.50 mark currently – if the price closes below this point, then further bearish movement could be possible and the 111.85 level could be tested. If that happens, then you can aim to buy at the 111.85 level. At the moment though, we expect further bullish movement and this pair may move towards the 113.60 level.

USDCHF:

Expectation: Neutral to bearish

Target: 0.9880 to 0.9965

The USDCHF pair initially moved lower yesterday and hit the 0.9890 level but then turned around and ended the day at 0.9947. The 0.9965 point is a resistance level for this pair. If this mark is breached and the pair closes above this level, then we could see further bullish momentum with price moving towards the 1.0020 point. If that happens, then you can aim to sell at the 1.0020 level. Meanwhile, we expect further bearish momentum in this pair and expect the price to move towards the 0.9880 mark.

Daily Forex Forecast for May 3, 2017

EURUSD:

The EURUSD pair remained range bound yesterday though it was slightly bullish and touched a high of 1.0933. At this time, we expect this pair to remain somewhat bullish in the near term. The 1.0850 point continues to be a strong support for this pair. If the price drops below this mark (and closes below it), then we can expect price to drop further and test the 1.0750 to 1.0730 range. Similarly, the 1.0950 point provides some resistance to this pair currently. If the pair closes above the 1.0950 mark, then we could see further strong bullish movement.

GBPUSD:

The GBPUSD pair turned around and moved upwards yesterday and hit a peak at the 1.2939 level. We expect that this pair will remain bullish in the near term and it may test the 1.3000 level and later, the 1.3050 point. This pair currently has a support at the 1.2850 to 1.2860 region and another stronger support at the 1.2800 point. If the price closes below the 1.2800 mark, then the next support at 1.2750 could be tested or the price may remain range bound for some time. We expect though that this pair is likely to remain somewhat bullish in the near term and may test the 1.3000 level.

USDJPY:

The USDJPY pair remained bullish yesterday initially and peaked at the 112.30 level before dropping to the 112.00 mark. Our forecast for this pair remains the same at this time – this pair is likely to remain bullish in the near term and could test the 112.80 level in the near term. This pair has a strong support at the 111.50 mark currently – if the price closes below this point, then further bearish movement could be possible and the 110.85 level could be tested. If that happens, then you can aim to buy at the 110.85 level. At the moment though, we expect further bullish movement and this pair may breach and close above the 112.20 region and then move towards the 112.80 to 113.00 level.

USDCHF:

The USDCHF pair moved lower yesterday and hit the 0.9912 level. The 0.9935 point is a resistance level for this pair. If this mark is breached and the pair closes above this level, then we could see further bullish momentum with price moving towards the 0.9960 to 0.9980 levels and later on, moving towards the 1.0020 point. If that happens, then you can aim to sell at the 1.0020 level. Meanwhile, we expect further bearish momentum in this pair and expect the price to move towards the 0.9880 mark.

Daily Forex Forecast for May 2, 2017

EURUSD:

There was no significant change in the EURUSD pair yesterday – it remained range bound and largely moved within the 1.0950 to 10850 price band. Accordingly, our forecast for this pair remains unchanged – at this point in time, we need some more signals to determine the longer term direction for this pair. The 1.0850 point continues to be a strong support for this pair. If the price drops below this mark (and closes below it), then we can expect price to drop further and test the 1.0750 to 1.0730 range. Similarly, the 1.0950 point provides some resistance to this pair currently. If the pair closes above the 1.0950 mark, then we could see further strong bullish movement. A wait and watch approach would be best when considering fresh positions in this pair at this time.

GBPUSD:

The GBPUSD pair moved lower yesterday and touched the 1.2882 mark. However, we expect that this pair will remain bullish in the near term and it may test the 1.3050 point. This pair currently has a support at the 1.2850 to 1.2860 region and another stronger support at the 1.2800 point. If the price closes below the 1.2800 mark, then the next support at 1.2750 could be tested or the price may remain range bound for some time. We expect though that this pair is likely to remain somewhat bullish in the near term and may test the 1.3050 level.

USDJPY:

The USDJPY pair remained bullish yesterday and peaked at the 111.92 level. Our forecast for this pair remains the same at this time – this pair is likely to remain bullish in the near term and could test the 112.20 mark in the near term. This pair has a strong support at the 111.50 mark currently – if the price closes below this point, then further bearish movement could be possible and the 110.85 level could be tested. If that happens, then you can aim to buy at the 110.85 level. At the moment though, we expect further bullish movement and this pair may breach the 112.20 region and then move towards the 112.80 to 113.00 level.

USDCHF:

The USDCHF pair moved slightly upward yesterday. The 1.0020 point continues to be a resistance level for this pair. If this mark is breached and the pair closes above this level, then we could see further bullish momentum. If that happens, then you can aim to sell at this level. Meanwhile, we expect further bearish momentum in this pair and expect the price to move towards the 0.9880 mark.

Daily Forex Forecast for May 1, 2017

EURUSD Forecast:

Last week, the EURUSD pair remained range bound and largely moved within the 1.0950 to 10850 price band. At this point in time, we need some more signals to determine the longer term direction in which this pair would move. The 1.0850 point continues to be a strong support for this pair. If the price drops below this mark (and closes below it), then we can expect the price to drop further and test the 1.0750 to 1.0730 range. Similarly, the 1.0950 point provides some resistance to this pair currently. If the pair closes above the 1.0950 mark, then we could see further strong bullish movement. A wait and watch approach would be best when considering fresh positions in this pair at this time.

GBPUSD Forecast:

The GBPUSD pair kept moving upwards slowly and steadily last week, in line with our expectations. At this time, the bullish momentum is expected to persist and the pair may test the 1.3050 point in the near term. This pair currently has a support at the 1.2890 mark and another stronger support at the 1.2800 point. If the price closes below the 1.2890 mark, then the next support at 1.2800 could be tested or the price may remain range bound for some time. We expect though that this pair is likely to remain somewhat bullish in the near term and may test the 1.3050 level.

USDJPY Forecast:

The USDJPY pair remained bullish last week and peaked at the 111.77 level. Our forecast for this pair remains the same at this time – this pair is likely to remain bullish in the near term and could test the 112.20 mark in the near term. This pair has a strong support at the 111.20 mark currently – if the price closes below this point, then further bearish movement could be possible and the 110.85 level could be tested. If that happens, then you can aim to buy at the 110.85 level. At the moment though, we expect further bullish movement.

USDCHF Forecast:

The USDCHF pair showed some upward volatility last week and peaked at the 0.9980 mark but then moved lower to settle at the 0.9949 mark. The 0.9980 point continues to be a resistance level for this pair. If this mark is breached and the pair closes above this level, then we could see further bullish momentum and the 1.0020 level could be tested. You can aim to sell at this level. Meanwhile, we expect further bearish momentum in this pair and expect the price to move towards the 0.9880 mark.

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