Fibonacci Retracements Analysis 01.04.2013 (EUR/USD, USD/CHF)


Analysis for April 1st, 2013


The EUR/USD currency pair is still being corrected. We can’t exclude a possibility that the bears may reach the level of 38.2%. If the price rebounds from this level, the pair will continue falling down towards the target area, where there are several fibo-levels at the same time.

Analysis of time zones points out two areas: the first area is the one, where the current correction may finish; the second area is the one, where the price may reach the target area. If the correction finishes at the level of 38.2% at a predicted time on Tuesday, one may consider increasing short positions.  


Franc is also being corrected. We can’t exclude a possibility that the bulls may be supported by the level of 23.6% and the price will rebound from it. If it happens, the pair will continue growing up towards new maximums. The target zone is between the levels of 61.8% (extension) and 161.8% (correction).

At the H1 chart the targets for a local correction are at the levels of 50% and 61.8%; the price may reach these targets on Tuesday. If the pair rebounds from these levels later, the market may start moving upwards again.

RoboForex Analytical Department


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.