Daily Forex Forecast for June 8, 2017

EURUSD:

Expectation: Bullish to neutral

Target: 1.1350

Yesterday, the EURUSD pair moved lower initially and hit a low of 1.1204 but later closed at 1.1256. 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 1.1205 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 1.1300 mark is a resistance level for this pair. If the price crosses the resistance level at 1.1300, then the next resistance at 1.1350 could be tested.

GBPUSD:

Expectation: Bullish to neutral

Target: 1.3000 to 1.3050

Yesterday, the GBPUSD pair was bullish and hit a peak of 1.2966. We expect that this pair is likely to remain bullish or range bound in the near term. The pair has a support at the 1.2930 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 1.2950 levels. If the price closes above this level, then further bullish movement is possible and the price could move towards the 1.3000 to 1.3050 levels.

USDJPY:

Expectation: Bearish

Target: 108.00

Yesterday, the USDJPY pair was bullish and hit a peak of 109.88, which is below the resistance levels. This pair is likely to remain bearish or range bound in the near term and could test the 108.00 levels. Currently, the 110.00 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 levels. This pair has a support around the 109.00 region. If the price closes below this point, then further bearish movement would be possible and the 108.00 level could be tested. You can aim to buy at these levels.

USDCHF:

Expectation: Bearish

Target: 0.9600

Yesterday, the USDCHF pair initially moved higher and hit a peak of 0.9677 but later closed at 0.9646. There is no change in our forecast for this pair. This pair is likely to be bearish or range bound in the near term and could test the 0.9600 support levels. If this mark is breached and the pair closes below this level, then we could see further bearish momentum and the 0.9550 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.