Fibonacci Retracements Analysis 21.05.2013 (EUR/USD, USD/CHF)
21.05.2013
Analysis for May 21st, 2013
EUR/USD
At the H4 chart, the price started a new correction, which may continue for several days. Later Euro us expected to start a new descending movement towards the target area, which is formed by three different fibo-levels and the line of 1.618 from fibo-channel.
The price may complete a local correction at the level of 38.2%. If the pair rebounds from this level, Euro will continue falling down. According to the analysis of temporary fibo-zones, the correction may finish by Wednesday.
USD/CHF
After rebounding from intermediate targets, Franc started a correction. The pair may consolidate for a while, but later the bulls are expected to start a new descending movement. The main target is still at the level of 0.9920.
The price may complete the current correction at the level of 38.2%. According to the analysis of temporary fibo-zones, the correction may complete within two days. If the pair rebounds from the level of 38.2%, Franc will resume the up-trend.
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