Fibonacci Retracements Analysis 06.05.2013 (EUR/USD, USD/CHF)
06.05.2013
Analysis for May 6th, 2013
EUR/USD
The EUR/USD currency pair continues consolidating. However, later the price is expected to start a new descending movement. The target are for the bears is between the levels of 78.6% (backward correction) and 161.8% (extension).
At the H1 chart we can see, that a local correction may continue up to the level of 61.8%. If the price rebounds from this level, the pair will start a new descending movement. According to the analysis of temporary fibo-zones, predicted targets may be reached by Thursday.
USD/CHF
It looks like Franc is going to continue moving upwards, but only after a correction. I decided not to open any orders, placed only a limit one. The target is in the area where there are three fibo-levels at the same time.
At the H1 chart we can see, that a bearish correction may continue up to the level of 61.8%. If the price rebounds from this fibo-level, the pair will start a new ascending movement. The target for the next several days is the level of 0.9435.
RoboForex Analytical Department
Attention!
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.