Daily Forex Forecast for June 1, 2017

EURUSD:

Expectation: Bullish to neutral

Target: 1.1265

Yesterday, the EURUSD pair moved upwards and breached the immediate resistance level at 1.1215, as we had predicted. Our forecast for this pair remains the same at this time. We expect this pair to remain bullish or range bound in the near term and the price should test the resistance level at 1.1265. In the longer term, the price should move towards the 1.1300 to 1.1350 mark. Currently, the 1.1215 point is a new support level for this pair. If the price drops below this level (and closes below it), then we can expect price to drop further and the next support at 1.1160 could be tested. You can aim to buy at the 1.1160 levels.

GBPUSD:

Expectation: Bullish to neutral

Target: 1.3000

Yesterday, the GBPUSD pair initially moved lower and hit a low of 1.2768 but later trended upwards and closed at 1.2890, above the immediate resistance at 1.2860. We expect that this pair is likely to remain bullish or range bound in the near term. The pair has a support at the 1.2780 region. If the price drops below this level (and closes below it), then we can expect price to drop further. You can aim to buy at the 1.2780 levels. This pair currently has a resistance area at the 1.2900 level. If the price closes above this level, then further bullish movement is possible and the price could move towards the 1.3000 levels.

USDJPY:

Expectation: Bearish

Target: 110.00

Yesterday, the USDJPY pair was choppy. This pair is likely to remain bearish or range bound in the near term and could test the 110.00 levels. You can aim to buy at these levels. Currently, the 110.50 mark is a support level for this pair. If this level is breached and the pair closes below this point, then price could test the 110.00 to 108.00 levels. This pair has a resistance around the 111.20 region and another resistance around the 112.00 region. If the price closes above this point, then further bullish movement could be possible and the 113.00 level could be tested.

USDCHF:

Expectation: Bearish

Target: 0.9650

Yesterday, the USDCHF pair was bearish and hit a low of 0.9669. This pair is likely to be bearish or range bound in the near term and could test the 0.9650 support level. If this mark is breached and the pair closes below this level, then we could see further bearish momentum and the 0.9600 level could be tested. The 0.9695 level is a resistance point for this pair currently. If the price closes above this level, then further bullish movement is possible and the price could move towards the 0.9730 levels. You can aim to sell at this level.