Daily Forex Forecast July 5, 2017

EURUSD:

Expectation: Bullish to neutral

Target: 1.1500

The EURUSD pair was range bound yesterday. 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 1.1285 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 1.1250 levels. The 1.1425 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 1.1500 to 1.1600 levels.

GBPUSD:

Expectation: Bullish to neutral

Target: 1.3050

Yesterday, the GBPUSD pair too was range bound. 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 1.2875 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 1.2800 levels.

USDJPY:

Expectation: Bullish

Target: 114.30

Yesterday, the USDJPY pair moved lower initially and hit a low of 112.74 but later moved up and closed at 113.27. Trend analysis indicates that this pair is likely to remain bullish or range bound in the near term and could test the 114.30 levels. This pair has a support around the 112.60 region. If the price closes below this point, then the trend may change, further bearish movement would be possible and the 112.00 level could be tested. You can aim to buy at these levels. Currently, the 114.30 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 115.55 levels. You can aim to sell at these levels.

USDCHF:

Expectation: Bullish

Target: 0.9675

Yesterday, the USDCHF pair was range bound. This pair is likely to be bullish in the near term and price could test the resistance at the 0.9675 levels and later, price could move towards the 0.9765 area. You can aim to buy at the 0.9675 levels. The 0.9600 level is a support area for this pair currently. If the price closes below this level, then further bearish movement would be possible and the price would move towards the 0.9550 level and later, towards the 0.9500 levels. You can aim to sell at this level.