Majors Daily Forecast Oct 10 2017


EURUSD: Recovers With Caution!

As long as 1.1720 support holds on a daily closing basis, the EURUSD remains in a recovery mode and further upside could be seen, but recovery above 1.1720 should be limited by the 1.1778/1.1814 levels where fall resumption is likely, above 1.1814 will aim the 1.1936 levels, further upside, resistance stands at the 1.2059 levels.

On the downside, support comes at the 1.1720 levels, a daily close back below that level will restore the downside momentum and turn the focus on the 1.1670 levels where a cut is likely, If seen support comes at the 1.1585 levels, further down will aim the 1.1478…

Conclusion: The EURUSD continues to face recovery threats above the 1.1720 levels…

GBPUSD: Bearish Despite Recovery Attempts.

As long as 1.3147/1.3204 resistance holds on a daily closing basis the GBPUSD remains neutral with risk to the downside, support comes at the 1.3090 levels ahead of the 1.3041 levels, below 1.3041 will aim the 1.2908 levels, further down, support comes at the 1.2792 levels.

Note: Today the focus will be on U.K Manufacturing Production

On the upside, the pair failed to close above 1.3147 levels yesterday, anyway, above 1.3147 will aim the 1.3207 levels where rejection is very likely, a clear break above 1.3207 will bring a strong recovery towards the 1.3350/1.3442 levels before another fall.

Conclusion: The GBPUSD continues to face downside threats below the 1.3207/1.3147 levels, above that level sees a recovery threats to the 1.3350/1.3442 levels, stability below 1.3207/1.3147 levels could mean a return to the 1.3090/1.3041 levels.

USDJPY: Faces Pullback Threats!

As long as 112.20 support holds on a daily closing basis, the USDJPY remains on the upside to the 113.20 levels, a halt is likely but a break will extend gains to the 113.95 levels, further upside, resistance comes at the 114.87 levels ahead of the 1.116.33 levels.

On the downside, support comes at the 112.20 levels, below that level sees a pullback risk to the 111.33 levels before the next rising, below 111.33 will suggest short-term top at the 113.43 levels and pave the way to the 110.25 levels.

Conclusion: The USDJPY continues to face upside threats above the 112.20 levels.