Analysis for July 10th, 2014
EUR USD, “Euro vs US Dollar”
Current correction turns out to be longer than we expected. However, main target is still the group of lower fibo-levels at 1.3465 – 1.3455. I’ve got only one sell order so far, but I’m planning to increase my position as price continues falling down.
As we can see at H1 chart, price reached important local fibo-level of 61.8% (1.3650). right now, price is trying to rebound from this level inside temporary zone. Bears may reach new low until the end of this trading week.
USD CHF, “US Dollar vs Swiss Franc”
Franc is also still being corrected. Main target is still the group of upper fibo-levels at 0.9105 – 0.9095. I’m planning to increase my long position as soon as pair starts moving upwards.
As we can see at H1 chart, current correction may have completed between local levels of 50% and 61.8%. Considering that pair is moving 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