Daily Forex Forecast for May 31, 2017

EURUSD:

Expectation: Bullish to neutral

Target: 1.1265

Yesterday, the EURUSD pair initially moved lower and hit a low of 1.1109 but later closed upwards at 1.1184. We expect this pair to remain bullish or range bound in the near term. In the longer term, the price should move towards the 1.1300 to 1.1350 mark. Currently, the 1.1130 point is an immediate 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. Alternatively, if price closes above the immediate resistance level at the 1.1215 mark, then we can expect further bullish movement towards the 1.1265 levels and later, towards the 1.1300 to 1.1350 levels.

GBPUSD:

Expectation: Bearish to neutral

Target: 1.2780

Yesterday, the GBPUSD pair was choppy. However, looking at the charts, we expect that this pair is likely to remain bearish 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 and the next support at 1.2700 could be tested. You can aim to buy at these levels. This pair currently has a resistance area at the 1.2860 level. If the price closes above this level, then further bullish movement is possible and the price could move towards the 1.2900 to 1.2925 levels.

USDJPY:

Expectation: Bearish

Target: 110.00

Yesterday, the USDJPY pair moved lower, hitting a low of 110.66. 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 110.75 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 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

Yesterday, the USDCHF pair initially moved upwards and hit a peak of 0.9807 but later turned lower and closed at 0.9746. 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. The 0.9785 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 0.9850 levels. You can aim to sell at this level.