Daily Forex Forecast June 29, 2017

EURUSD:

Expectation: Bullish

Target: 1.1425

The EURUSD pair was bullish yesterday and hit a peak of 1.1390. 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 1.1425 levels. Currently, the 1.1350 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 1.1180 level. 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 1.1600 levels.

GBPUSD:

Expectation: Bullish

Target: 1.3050

Yesterday, the GBPUSD pair too was bullish and it hit a peak of 1.2971. 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 1.3100 to 1.3150 levels. If price crosses the 1.2870 levels, then you can buy with a target of 1.3050. This pair has a support at the 1.2915 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 1.2815 levels.

USDJPY:

Expectation: Bullish

Target: 113.00

Yesterday, the USDJPY pair was choppy – it initially moved lower and hit a low of 111.83 but later moved up and closed at 112.32. 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: 0.9550

Yesterday, the USDCHF pair initially moved upwards and hit a peak of 0.9647 but later closed lower at 0.9597. This pair is likely to be bearish in the near term and price could test the support at the 0.9550 to 0.9500 levels. You can aim to buy at the 0.9550 levels. The 0.9640 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.