Fibonacci Retracements Analysis 16.04.2013 (EUR/USD, USD/CHF)
16.04.2013
Analysis for April 16th, 2013
EUR/USD
After rebounding from the level of 38.2%, the EUR/USD currency pair started moving downwards slowly. The stop on my sell order worked on Monday, so I opened a new one. The target is at the previous level of 38.2%.
At the H1 chart, we can see that there are several fibo-levels in the target area. Analysis of temporary fibo-zones indicates that predicted levels may be reached by the end of Tuesday – two vertical levels of 0.618 are almost in the same spot.
USD/CHF
Franc is trying to rebound from the level of 50% again, but very slowly. However, in the nearest future the price is expected to start a local ascending movement towards the previous level of 38.2% (the dash-line).
As we can see at the H1 chart, there are several fibo-levels in the target area. Analysis of temporary time zones indicates that the market may reach the level of 0.9370 during the day. Later this level may become a starting point of a new correction.
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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.