Daily Forex Forecast July 3, 2017

EURUSD:

Expectation: Bullish

Target: 1.1500 to 1.1525

The EURUSD pair was bullish last week and hit a peak of 1.1445. Trend analysis indicates that the bearish phase is now over and this pair will remain bullish in the near term and the price could test the 1.1500 to 1.1525 levels. Currently, the 1.1400 point is a support level for this pair. If the price drops below this level (and closes below it), then we can expect the bearish trend to resume and price to drop further and test the 1.1350 to 1.1285 levels. The 1.1500 mark is a resistance level for this pair. If the price crosses this resistance level and closes above it, then the bullish trend will strengthen and price could test the 1.1600 levels.

GBPUSD:

Expectation: Bullish

Target: 1.3300

Last week, the GBPUSD pair too continued its bullish movement and hit a peak of 1.3029. Trend analysis indicates that this pair currently has a resistance area at the 1.3050 levels. If the price closes above this level, then further bullish movement is possible and the price could move towards the 1.3300 to 1.3350 levels and later, towards the 1.3500 levels. If price crosses the 1.3050 levels, then you can buy with a target of 1.3300. This pair has a support at the 1.2950 region. If the price drops below this level (and closes below it), then we can expect the trend to turn bearish and price to drop further and test the 1.2900 levels.

USDJPY:

Expectation: Bullish

Target: 113.00

Last week, the USDJPY pair moved higher and hit a peak of 112.92. Trend analysis indicates that this pair is likely to remain bullish or range bound in the near term and could test the 113.00 levels. This pair has a support around the 111.60 region. If the price closes below this point, then the trend may change, further bearish movement would be possible and the 111.25 level could be tested. You can aim to buy at these levels. Currently, the 113.00 mark is a resistance level for this pair. If this level is breached and the pair closes above this point, then the bullish run would strengthen and price could test the 114.25 levels. You can aim to sell at these levels.

USDCHF:

Expectation: Bearish

Target: 0.9450

Last week, the USDCHF pair remained bearish and hit a low of 0.9550. This pair is likely to be bearish in the near term and price could test the support at the 0.9500 to 0.9450 levels and later, price could move towards the 0.9250 area. You can aim to buy at the 0.9450 levels. The 0.9600 level is a resistance area for this pair currently. If the price closes above this level, then further bullish movement would be possible and the price would move towards the 0.9675 level and later, towards the 0.9765 levels. You can aim to sell at this level.