Fibonacci Retracements Analysis 05.03.2014 (EUR/USD, USD/CHF)


Analysis for March 5th, 2014

EUR USD, “Euro vs US Dollar”

Eurodollar is still being corrected. Possibly, market may reach correctional level of 78.6%. If pair rebounds from it, market may start growing up towards the next target, which is close to several fibo-levels at 1.3875.

At H1 chart, pair is consolidating. During the day, price may fall down towards the channel’s lower border, where I placed limit buy order. If later pair breaks the channel and level of 78.6%, I’ll close my buy order and open a sell one.

USD CHF, “US Dollar vs Swiss Franc”

Franc is moving upwards quite fast; new target of current correction is at level of 61.8% and the channel’s upper border. During correction, I opened short-term buy order with target at the above-mentioned levels.

At H1 chart we can see, that price reached its lower target right inside temporary fibo-zone. Target of current ascending movement is close to several fibo-levels near 0.8960. If later pair rebounds from this level, I’ll open sell order.

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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.