Fibonacci Retracements Analysis 05.04.2013 (EUR/USD, USD/CHF)


Analysis for April 5th, 2013


It looks like Euro started a more serious correction. I think the market may continue growing up to the level of 38.2%. More to that, in this area there are several fibo-levels, which means that the price may reach the target quite soon.

Analysis of temporary fibo-zones at the H1 chart indicates that the pair may reach the upper levels in the beginning of the next week. In addition to that, we can see a backward correction based on the current consolidation; the level of 423.6% in also inside a target area.


Franc is also going to continue this correction. We can’t exclude a possibility that the bears may reach the level of 50%. During the correction, I opened short position with the target in the middle of the target area.

At the H1 chart, we can see that the level of 261.8% is an additional target level. Temporary time zones indicate that the price may reach predicted target levels quite soon. If the pair rebounds from the level of 50%, one should consider opening long positions.

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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.