Daily Forex Forecasts for the week from 24th April to 28th April 2017

Daily Forex Forecast for April 28, 2017

EURUSD Forecast:

Yesterday, the EURUSD pair moved lower and touched the 1.0845 mark before closing at 1.0872. At this time, you should ideally adopt a wait and watch approach while the market settles and provides clear clues regarding its future direction. The 1.0860 point continues to be a minor 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 1.0810 point. Alternatively, if the pair closes above the 1.0920 point, then we could see further bullish movement.

GBPUSD Forecast:

There was slight bullish movement in the GBPUSD pair yesterday and it peaked at the 1.2911 mark before closing at the 1.2898 mark. In the near term, we expect further upward momentum and the price may test the 1.2950 point. If the pair breaches this region and closes above it, then you should expect further bullish momentum, which would then test the 1.3000 to 1.3050 point. This pair has a support at the 1.2800 mark. If the price closes below this region, then the next support at 1.2750 could be tested.

USDJPY Forecast:

The USDJPY pair moved slightly upwards yesterday and briefly touched the 111.57 mark before closing at the 111.22 point. This pair remains bullish in the near term and we expect it to test the 112.20 mark in the near term. This pair has developed a new support at the 111.00 mark and has another support at the 110.85 mark currently – if the price closes below this point, then further bearish movement could be possible. At the moment though, we expect further bullish movement.

USDCHF Forecast:

The USDCHF moved marginally upwards yesterday and closed at the 0.9938 mark. We expect this pair to continue to be somewhat bullish in the near term. This pair has a support at the 0.9880 mark and a close below that point could lead to further bearish momentum, testing the 0.9813 mark. This pair has a resistance at the 0.9970 mark and another strong resistance at the 1.0020 point. If the price reaches this level, then you can consider selling. Overall, we expect this pair to remain range bound or bullish in the near term.

Daily Forex Forecast for April 27, 2017

EURUSD Forecast:

Yesterday, the EURUSD pair remained range bound. Initially, this pair moved lower and hit the 1.0855 mark but then moved upward to close at 1.0903. I am bullish about this pair still and expect it to touch the 1.1000 to 1.1050 region in the near term. The 1.0850 point is a strong support for this pair at this time. If the price drops below this mark (and closes below it), then we can expect price to drop further and test the 1.0730 point. Alternatively, if the pair closes above the 1.0950 area, then we could see further strong bullish movement.

GBPUSD Forecast:

The GBPUSD pair also remained range bound yesterday. In the near term, we expect this pair to remain range bound or move upward, with the price testing the 1.2900 point. If the pair breaches this region and closes above it, then you should expect further bullish momentum, which would then test the 1.3000 to 1.3050 point. This pair has a support at the 1.2800 mark. If the price closes below this region, then the next support at 1.2750 could be tested.

USDJPY Forecast:

The USDJPY pair was initially bullish yesterday and it peaked at the 111.77 point. Later, this pair lost momentum and moved lower to close at the 111.04 mark. This pair remains bullish in the near term and we expect it to test the 112.20 mark in the near term. This pair has a support at the 110.85 mark currently – if the price closes below this point, then further bearish movement could be possible. At the moment though, we expect further bullish movement. The 111.77 mark is a resistance for this pair – a strong movement above this point could see the price rising upwards towards the 112.20 mark.

USDCHF Forecast:

The USDCHF pair was again range bound yesterday and it is likely to continue to do so in the near term. Yesterday, this pair moved upwards and peaked at the 0.9968 mark but later moved lower to settle at the 0.9932 point. This pair has a support at the 0.9880 mark and a close below that point could lead to further bearish momentum, testing the 0.9813 mark. This pair has a resistance at the 0.9970 mark and another strong resistance at the 1.0020 point. If the price reaches this level, then you can consider selling. Overall, we expect this pair to remain range bound in the near term.

Daily Forex Forecast for April 26, 2017

EURUSD Forecast:

Yesterday, the EURUSD pair was quite bullish and it peaked at the 1.0949 mark. I am bullish about this pair still and expect it to touch the 1.1000 to 1.1050 region in the near term. The 1.0900 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 1.0850 point. Alternatively, if the pair closes above the 1.1000 to 1.1050 area, then we could see further strong bullish movement.

GBPUSD Forecast:

There was slight bullish movement in the GBPUSD pair yesterday and it peaked at the 1.2845 mark. In the near term, we expect further upward momentum and the price may test the 1.2900 point. If the pair breaches this region and closes above it, then you should expect further bullish momentum, which would then test the 1.3000 to 1.3050 point. This pair has a support at the 1.2800 mark. If the price closes below this region, then the next support at 1.2750 could be tested.

USDJPY Forecast:

The USDJPY pair was quite bullish yesterday and it peaked at the 111.18 point. This pair remains bullish in the near term and we expect it to test the 112.20 mark in the near term. This pair has a support at the 110.85 mark currently – if the price closes below this point, then further bearish movement could be possible. At the moment though, we expect further bullish movement.

USDCHF Forecast:

The USDCHF was range bound yesterday and it is likely to continue to do so in the near term. This pair has a support at the 0.9880 mark and a close below that point could lead to further bearish momentum, testing the 0.9813 mark. This pair has a resistance at the 0.9970 mark and another strong resistance at the 1.0020 point. If the price reaches this level, then you can consider selling. Overall, we expect this pair to remain range bound in the near term.

Daily Forex Forecast for April 25, 2017

EURUSD Forecast:

The EURUSD attempted to push lower yesterday – it bottomed at 1.0820 but closed a little bit higher at 1.0865 after opening higher on the back of the French election.  The bias is neutral in nearest term. Price failed to close above 1.0873 – 1.0905 key resistance, which suggests another potential bearish pullback retesting the trend line support and the 1.0650 region. We also have a potential double top scenario. On the upside, a clear break and daily close above 1.0873 – 1.0905 would expose 1.1000 – 1.1050 region. Overall, I remain neutral.

GBPUSD Forecast:

The GBPUSD was indecisive yesterday. The bias remains neutral in the near term. Price is still trading around the daily EMA 200. Immediate support is seen around 1.2750. A clear break below that area would interrupt the double bottom bullish scenario testing the 1.2650 area. Immediate resistance is seen around 1.2840. A clear break above that area could trigger further bullish pressure testing 1.2900 or higher.

USDJPY Forecast:

The USDJPY began higher yesterday – it opened at 110.46 but closed lower at 109.74 after touching the trend line resistance. The bias is bearish in the near term testing 109.40. A clear break and daily close below that area would expose the 108.70 region. Immediate resistance is seen around the trend line resistance located around 110.35. A clear break above that area could lead price to neutral zone in nearest term testing 110.85 region (daily EMA 200).

USDCHF Forecast:

The USDCHF opened lower yesterday – it opened at 0.9904 on the back of the French election but closed higher at 0.9958. The bias is neutral in the near term, probably with a little bullish bias testing the 1.0020 area which remains a good place to sell with a tight stop loss. Immediate support is seen around 0.9930. A clear break below that area could trigger further bearish pressure testing 0.9880 before testing 0.9813. Overall, I remain neutral.

Daily Forex Forecast for April 24, 2017

EURUSD Forecast:

With Macron and Le Pen making it through to the next round of the French Presidential election, you can expect the EURUSD to get a slight upward boost – a negative impact is extremely unlikely at this stage. Looking at the charts, it is clear that the 1.0870 mark is a key floor. If the price breaches this point and the market closes below this, then further bearish movement is likely. In such a situation, the 1.0650 mark would be the next key floor. Alternatively, if this pair breaches and closes above 1.0900, then further bullish movement should follow. In this case, resistance around the 1.1000 – 1.1050 region is likely. Overall, I believe this pair will remain neutral and will remain rangebound in the near term.

GBPUSD Forecast:

Last week, the GBPUSD pair was bullish and it reached a peak of 1.2903. Later, this pair moved lower and finally settled to close at the 1.2806 point. At this time, I believe that this pair is going to remain neutral. If this pair continues to hover above the 1.2750 point, then further bullish movement with a target of 1.3000 – 1.3050 is possible. Alternatively, if the pair breaches the 1.2750 mark, then further downward movement is possible and the support at 1.2650 could be tested.

USDJPY Forecast:

The USDJPY pair is likely to remain somewhat bearish at this point of time. The 109.40 mark remains a key support for this pair. If this mark is breached and the pair closes below this point, then further bearish movement is likely. In this case, the 108.70 point will be the next key support. Alternatively, if the pair moves upward and breaches the 110.50 point (and closes above it), then further bullish movement is likely. In this case, the 111.00 mark would be a key resistance point.

USDCHF Forecast:

The USDCHF pair is expected to remain rangebound in the near term. The 0.9965 mark is a key resistance point for this pair at this time. If the pair breaches this point and closes above it, then further bullish momentum is likely. In this case, the 1.0020 point is likely to be a key resistance point and you can aim to sell around this mark. The 0.9880 mark is a key support at this point of time. Overall, I am neutral about this pair at this time.

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