Fibonacci Retracements Analysis 08.07.2013 (EUR/USD, USD/CHF)
08.07.2013
Analysis for July 8th, 2013
EUR/USD
Euro is still moving inside the descending trend. Despite the current correction, there is a possibility that the price may continue falling down. The target for the bears is in the area between two fibo levels, 78.6% and 100%.
At the H1 chart we can see, that Euro started a correction from the level of 61.8%. The temporary fibo-zones indicate that the bears may reach the lower levels in the first half of Wednesday.
USD/CHF
Franc is moving upwards quite fast; it may reach its targets and continue growing up. There is a possibility that the price may break the latest maximum. The main target for the next several weeks is the area where there are three fibo-levels.
As we can see at the H1 chart, the pair started a new correction, which is unlikely to result in a deep pullback. Most likely, the bulls will be supported by the level of 23.6%. If Franc rebounds from this level, I’ll open some buy orders with the tight stop.
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.