Fibonacci Retracements Analysis 16.05.2013 (EUR/USD, USD/CHF)
16.05.2013
Analysis for May 16th, 2013
EUR/USD
Euro continues falling down. During a correction, I opened one more sell order. In the near term, the price may continue moving downwards. The target is in the area of 1.2650, where there are several fibo-levels. The pair may break the minimum set in March quite soon.
At the H1 chart, in the target area we can see the level of 423.6% from backward correction. According to the analysis of temporary fibo-zones, predicted target may be reached in the beginning of the next week. Later we can expect the pair to start a deeper correction.
USD/CHF
Here the bulls are in control. During a pullback, I decided to increase my long positions. The target is still at the level of 0.9920, where there are several fibo-levels. If the pair rebounds from these levels, the price may start a more serious correction.
At the H1 chart, the pair is consolidating. It looks like the bulls decided to slow down for a while. According to the analysis of temporary fibo-zones, the target levels may be reached next Monday or Tuesday.
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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.