Analysis for July 9th, 2014
EUR USD, “Euro vs US Dollar”
Euro is still being corrected. Most likely, after completing it, price may start new descending movement towards the group of lower fibo-levels at 1.3465 – 1.3455. After reaching them, price may start new correction.
As we can see at H1 chart, price rebounded from local fibo-level of 38.2% (1.3620). Considering that it happened inside temporary zone, market may start falling down towards lower targets.
USD CHF, “US Dollar vs Swiss Franc”
Franc is also still being corrected. Most likely, after a short pause, bulls will continue moving towards the group of upper fibo-levels at 0.9105 – 0.9095. Pair may reach new maximum during the next several days.
As we can see at H1 chart, bulls are trying to rebound from local fibo-level of 38.2%. Considering that it is happening inside temporary zone, price may start growing up again towards upper targets, which may be reached in the beginning of the next week.
RoboForex Analytical Department