Fibonacci Retracements Analysis 03.04.2013 (EUR/USD, USD/CHF)
03.04.2013
Analysis for April 3rd, 2013
EUR/USD
After rebounding from the level of 38.2%, Euro started moving downwards again. Right now the market is being corrected, but the price may reach a new minimum again during Wednesday. By the end of the week the pair is expected to reach the target area, which later may become a starting point of a reverse.
At the H1 chart we can see that the time zones were corrected. In my opinion, because of a local correction, which is taking place right now, the market will reach the target levels a bit later than I expected. The bears may reach the level of 1.2700 by this Friday.
USD/CHF
Franc started growing up again, just as I expected, and I’ve moved the stop on my buy order into the black. Currently the price is being corrected, but is expected to start a new ascending movement quite soon. The target area is still between the levels of 61.8% (extension) and 161.8% (correction).
At the H1 chart we can see that the pair reached a new local maximum; the time zones were corrected. Most likely, the pair will reach the target levels by the end of this week. Later this zone may become a starting point of a correction.
RoboForex Analytical Department
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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.