Fibonacci Retracements Analysis 05.05.2014 (EUR/USD, USD/CHF)


Analysis for May 5th, 2014

EUR USD, “Euro vs US Dollar”

Euro is still consolidating. Last Friday, bears tried to start new descending movement, but failed. Closest target for bulls is the group of fibo levels at 1.3955.

As we can see at H1 chart, current correction finished right at level of 61.8% (1.3844) inside temporary fibo-zone. Pair may reach new maximums during Monday; I’m planning to move stops higher as price continues growing up.

USD CHF, “US Dollar vs Swiss Franc”

Bulls tried to take control over Franc, but failed, and right now, price is moving downwards again. Earlier pair rebounded from correctional level of 50%. Main target for bears is the group of fibo levels at 0.8695.

As we can see at H1 chart, pair rebounded from local level of 78.6% right inside temporary fibo-zone. Intermediate target for bears is the group of fibo levels at 0.8720 – 0.8715: if they break this target area, market will continue moving downwards to reach its main target.

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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.