Daily Forex Forecast for June 5, 2017

EURUSD:

Expectation: Bullish to neutral

Target: 1.1350

Last week, the EURUSD pair was bullish and hit a peak of 1.1285. We expect this pair to remain bullish or range bound in the near term and the price should test the 1.1300 to 1.1350 levels. Currently, the 1.1250 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 1.1200 could be tested. You can aim to buy at the 1.1200 levels.

GBPUSD:

Expectation: Bullish to neutral

Target: 1.3000

Last week, the GBPUSD pair was slightly bullish. We expect that this pair is likely to remain bullish or range bound in the near term. The pair has a support at the 1.2830 region. If the price drops below this level (and closes below it), then we can expect price to drop further and test the 1.2780 region. 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: Bullish

Target: 112.00

Last week, the USDJPY pair was largely range bound – its price hit a peak of 111.71 but later closed at 110.45. This pair is likely to remain bullish or range bound in the near term and could test the 112.00 levels. You can aim to sell at these levels. Currently, the 110.25 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 108.00 levels. This pair has a 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

Last week, the USDCHF pair moved lower and hit a low of 0.9622. 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 0.9715 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 0.9815 levels. You can aim to sell at this level.