Fibonacci Retracements Analysis 04.03.2014 (EUR/USD, USD/CHF)


Analysis for March 4th, 2014

EUR USD, “Euro vs US Dollar”

After reaching the first group of fibo-levels, Eurodollar started new correction. Probably, right now market is starting growing up towards the next target, which is at level of 1.3875. If pair rebounds from it, I may start selling.

As we can see at H1 chart, pair rebounded from local level of 50%. Earlier, price reached its target at level of 1.38 right inside temporary fibo-zone. Probably, market may reach upper levels by the end of this week.

USD CHF, “US Dollar vs Swiss Franc”

Franc rebounded from lower border of its target area and right now is being corrected. However, main trend is still bearish and price may yet continue falling down. Main target is near several fibo-levels at 0.8715.

At H1 chart we can see, that price reached channel’s lower border and started new correction. Possibly, market may test local level of 50% in the nearest future. If price rebounds from it, pair may start new descending movement.

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.