Fibonacci Retracements Analysis 01.05.2014 (EUR/USD, USD/CHF)


Analysis for May 1st, 2014

EUR USD, “Euro vs US Dollar”

Eurodollar couldn’t stay below level of 50% and started growing up very fast. Closest target is the group of fibo levels at 1.3955. Possibly, price may reach new maximum during the day.

As we can see at H1 chart, market is being corrected and I decided to open buy order. According to analysis of temporary fibo-zones, upper target levels may be reached before the end of this week. If price rebounds from them, market may start more serious correction.

USD CHF, “US Dollar vs Swiss Franc”

Franc is trying to start new descending movement. Yesterday price rebounded from correctional level of 50%. Probably, bears’ next target is the group of fibo levels at 0.8695.

As we can see at H1 chart, there are several additional fibo levels inside lower target area. So far, I’ve got only one buy order, but if market continues falling down, I’ll increase my short position.

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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.