Fibonacci Retracements Analysis 17.04.2014 (EUR/USD, USD/CHF)


Analysis for April 17th, 2014

EUR USD, “Euro vs US Dollar”

Eurodollar is still being corrected; earlier pair rebounded from the group of upper fibo levels (at 1.3900). Right now, price is trying to rebound from level of 61.8% (1.3860). If bears succeed in doing it, market will start new descending movement.

As we can see at H1 chart, I’ve got two sell orders so far. If later pair breaks local level of 50% (1.3847) downwards, I’ll open several more orders with target close to the group of lower fibo levels (1.3760).

USD CHF, “US Dollar vs Swiss Franc”

Franc is consolidating and trying to find support from local level of 50% (0.8785). Earlier price rebounded from the group of fibo levels at 0.8745. Possibly, market may reach new maximums until the end of this trading week.

As we can see at H1 chart, price is getting closer to temporary fibo-zone. Possibly, pair may rebound from local level of 50% inside this zone. Later market is expected to start new ascending movement towards the group of fibo levels (0.8845 – 0.8855).

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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.