Fibonacci Retracements Analysis 12.07.2013 (EUR/USD, USD/CHF)

Analysis for July 12^th, 2013

EUR/USD

The current correction is taking too much time. Most likely, the bears will reach a new local minimum and then the level of 50%. If the price rebounds from this level, I’ll open some buy orders with the target at the level of 78.6%.



According to the analysis of the temporary fibo-zones at the H1 chart, the price may reach the level of 50% during the day. The future scenario depends on how the pair will move at this level. If the bears are able to break it, the correction may continue.

USD/CHF

Franc is also being corrected; the target is at the level of 38.2%. If later the pair breaks this level, the market will continue growing up towards the level of 50%.



At the H1 chart, we can see a temporary target, which may complete the current correction. If the bears are able to rebound from the level of 38.2%, I’ll open some sell orders with the tight stop.



 
RoboForex Analytical Department