Fibonacci Retracements Analysis 16.07.2013 (EUR/USD, USD/CHF)
16.07.2013
Analysis for July 16th, 2013
EUR/USD
Euro is still being corrected, after making a rapid ascending movement last week. We can’t exclude a possibility that the price may continue moving upwards to reach the next target at the level of 78.6%. in addition to that, the bulls may face the resistance form the 2.618 line of the fibo-channel.
At the H1 chart, the price is trying to leave its consolidation channel. According to the analysis of the temporary fibo-zones, the price may reach the target levels on Wednesday. Later, the pair may start a new correction from the level of 78.6%.
USD/CHF
Franc is also being corrected. Yesterday the pair rebounded from the level of 38.2%. There is a possibility that the price may break a local minimum during the next several hours. The main target is still at the level of 78.6%.
At the H1 chart, we can see that the pair is forming a long flat pattern. We can’t exclude a possibility that during Tuesday the price may leave this trading range. According to the analysis of the temporary fibo-zones, the targets may be reached tomorrow.
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.