Analysis for July 22nd, 2013
Euro continues growing up; most likely, the pair will break the maximum during the day. The main target is at the level of 78.6%. In addition to that, the bulls may face the resistance from the 1.618 line of the fibo-channel.
At the H1 chart, we can see several more fibo-levels near the level 78.6%. According to the analysis of the temporary fibo-zones, the targets may be reached during the next couple of days. If the market rebounds from the level of 78.6%, the pair may start a correction.
Franc is moving towards the minimum. If the bears are able to break the level of 61.8% and keep the price below it, the pair will continue falling down. The target for the next several days is at the level of 78.6%.
At the H1 chart, we can see that the target area is formed by three fibo-levels. According to the analysis of the temporary fibo-zones, the level of 78.6% may be reached by Tuesday.
RoboForex Analytical Department