Forex Daily Forecasts - Thursday, Sep 20th

EUR/USD

The European currency tended to make some correction yesterday to drop down until the key support level at 1.3930s. Nevertheless, the Euro still has the main target at the major resistance level at 1.4000. Therefore, we expect a bullish day until the mentioned resistance above.

The trading range for today might be between the key resistance level at 1.4050 and the key support level at 1.3870.

The general trend is up as far as 1.3300 remains intact targets now at 1.4050 and 1.4245

Support: 1.3933, 1.3900, 1.3873, 1.3825, 1.3785
Resistance: 1.3968, 1.3995, 1.4022, 1.4053, 1.4070

Recommendation: We expect buying Euro above1.3930 with a target at 1.4000, stop loss below 1.3885

GBP/USD

The British pound dropped in strong bearish pattern with heavy momentum hitting the low at the critical support level at 1.9950s after it tended to hit the key resistance level at 2.0170s. Our expectation today for the pound is to move towards the upside since it didn’t get below the major uptrend line.

The trading range for today might be between the key resistance level at 2.0200 and the key support level at 1.9930.

The general trend is up as far as 1.9650 remains intact targets now at 2.0635 and 2.0740.

Support: 1.9960, 1.9930, 1.9913, 1.9865, 1.9840
Resistance: 2.0020, 2.0065, 2.0088, 2.0120, 2.0150

Recommendation: We expect buying sterling above 1.9970 with a target at 2.0120, stop loss below 1.9900.

USD/JPY

The dollar against the Japanese yen tended to progress towards the upside and the technical indicators still show the upside potential. However, since the currency lacked momentum, it couldn’t even reach the upper trend line so we expect the pair to drop today.

The trading range for today will be between the key resistance at 117.00 and the key support at 114.50.

The general trend is down as far as 124.60 remains intact, targets at 112.60 and 111.30.

Support: 115.85, 115.50, 115.30, 115.15, 114.70
Resistance: 116.15, 116.35, 116.50, 116.75, 117.10

Recommendation: We expect selling USD/JPY below 116.30 with a target at 115.30, stop loss above 116.70

USD/CHF

The dollar against the SWISS Frank yesterday tended to move towards the upside in terms of an upside correction. However, the technical parameters still indicate the downside potential, meaning that the major downside trend line may stop the pair for a while.

The trading range for today will be between the key resistance at 1.1950 and the key support at 1.1770.

The general trend is down as far as 1.2540 remains intact, targets at 1.1675 and 1.1465.

Support: 1.1842, 1.1825, 1.1802, 1.1785, 1.1750
Resistance: 1.1885, 1.1909, 1.1932, 1.1950, 1.1977

USD/CAD

The dollar against the Canadian Dollar managed to move in a bearish move yesterday in the first session, but it reversed back towards the upside after it had found enough level of bullish momentum to move up. Today and after the currency formed the reversal signal we expect it to move up today.

The trading range for today will be between the key resistance at 1.0270 and the key support at 1.0000.

The general trend is down as far as 1.0940 remains intact, targets will be at 1.0000 and 0.9850.

Support: 1.0156, 1.0120, 1.0112, 1.0087, 1.0064
Resistance: 1.0180, 1.0205, 1.0222, 1.0245, 1.0268

Recommendation: We expect buying USD/CAD above 1.0120 with a target at 1.0200, stop loss below 1.0080

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