Majors Daily Forecast Oct 17 2017

EURUSD: Corrective Pullback Sets In.

As long as 1.1830 resistance holds on a daily closing basis, the EURUSD remains in a corrective pullback mode to the 1.1738 levels, a halt is likely but a cut will reverse risk to the downside to the 1.1769 levels, with a break below here opening the way to the 1.1585 levels, further down, support stands at the 1.1478 levels.

we have static support at the 1.1738 levels, any rebound to the upside will bring a selling opportunity in the short term forecast.

On the upside, resistance comes at the 1.1795 levels ahead of the 1.1830 levels, above 1.1830 will restore the upside momentum and challenge the 1.1880 levels, above 1.1880 resistance comes at the 1.1935 levels ahead of 1.1200/1.12059 levels.

Conclusion: The EURUSD continues to face corrective threats below the 1.1830 levels.

Today the focus will be on German ZEW Economic Sentiment at 09:00 GMT and Euro Zone consumer inflation at 10:00 GMT

GBPUSD: Continues Recovery But With Caution!

as long as 1.3225 support holds on a daily closing basis, the GBPUSD remains in a recovery mode and further upside could be seen, immediate resistance comes at the 1.3350 levels, a break will aim the 1.3442 levels where another fall is very likely, above that level will aim the 1.3615 levels.

On the downside, support comes at the 1.3225 levels, below that level should weaken recent recovery and turn the focus on the 1.3130 levels, further down will restore the downside momentum and aim the 1.3041 levels and possibly lower to the 1.2908 levels.

Conclusion: The GBPUSD continues to face recovery threats above the 1.3130/1.3225 levels.

Today the focus will be on U.K CPI and BoE Gov Carney Speaks.

USDJPY: Sees Recovery Threats!

outlook in has turned neutral at the moment, support comes at the 111.70/111.33 levels while resistance comes at the 112.51 levels. On the upside, stability above support level could mean a return to the 112.51 levels, a break will reverse the risk tot hew upside to the 113.20 levels, with a break above here opening the way to the 113.95 levels, further upside resistance stands at the 115.00 levels.

On the downside, a daily closing below 111.33 is needed to eliminate the recovery threats, if seen the pair will aim the 110.25 levels ahead of the 109.23/109.54 levels.

Conclusion: Despite its immediate risk remains lower below 112.51 in the short term forecast, the pair still faces recovery threats above the 111.33 levels.