Fibonacci Retracements Analysis 09.07.2013 (EUR/USD, USD/CHF)
09.07.2013
Analysis for July 9th, 2013
EUR/USD
After rebounding from both levels of 61.8%, Euro continues a correction. However, the main trend is still bearish, that’s why there is a high possibility that the price may continue moving downwards. 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 the correction reached the level of 38.2%. In addition to that, the temporary fibo-zones indicate that the current ascending movement may be completed. If the price stays below the 23.6% level, I’ll increase my position.
USD/CHF
Franc is trying to start a new ascending movement. The main target is the area where there are three fibo-levels. The pair may break the maximum during the next several days.
At the H1 chart, the pair finished a local correction and I opened a buy order. The intermediate target is the area close to the level of 423.6%. According to the analysis of the temporary fibo-zones, this level may be reached by Thursday.
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.