Daily Forex Forecast for June 12, 2017

EURUSD:

Expectation: Bearish to neutral

Target: 1.1080

The EURUSD pair was bearish last week and hit a low of 1.1166, thus breaking through the previous support level. We expect this pair to remain bearish or range bound in the near term and the price could test the 1.1080 levels. Currently, the 1.1160 point is a 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 1.1080 could be tested. You can aim to buy at the 1.1080 levels. The 1.1240 mark is a resistance level for this pair. If the price crosses the resistance level at 1.1240, then the next resistance at 1.1300 could be tested.

GBPUSD:

Expectation: Bullish

Target: 1.2780

After the elections in the UK, the GBPUSD pair was bearish and hit a low of 1.2692 (7-week low). The pair moved upwards later and closed at 1.2743. Trend analysis indicates that this pair is likely to remain bullish in the near term. The pair has a support at the 1.2670 region. If the price drops below this level (and closes below it), then we can expect price to drop further and test the 1.2500 region. You can aim to buy at the 1.2670 levels. This pair currently has a resistance area at the 1.2780 levels. If the price closes above this level, then further bullish movement is possible and the price could move towards the 1.2850 levels.

USDJPY:

Expectation: Bearish

Target: 109.70

Last week, the USDJPY pair was largely bearish. Trend analysis indicates that this pair is likely to remain bearish or range bound in the near term and could test the 109.70 levels. This pair has a support around the 109.70 region. If the price closes below this point, then further bearish movement would be possible and the 109.10 level could be tested. You can aim to buy at these levels. Currently, the 110.50 mark is a resistance level for this pair. If this level is breached and the pair closes above this point, then price could test the 111.00 to 111.25 levels. You can aim to sell at these levels.

USDCHF:

Expectation: Bullish

Target: 0.9815

Last week, the USDCHF pair moved higher and hit a peak of 0.9727 but later closed lower. This pair is likely to be bullish or range bound in the near term and could test the 0.9715 resistance levels. If this mark is breached and the pair closes below this level, then we should see further bullish momentum and the 0.9815 level could be tested. The 0.9650 level is a support for this pair currently. If the price closes below this level, then further bearish movement is possible and the price could move towards the 0.9600 levels. You can aim to buy at this level.