Fibonacci Retracements Analysis 23.07.2013 (EUR/USD, USD/CHF)
23.07.2013
Analysis for July 23rd, 2013
EUR/USD
Euro continues growing up; yesterday the bulls broke the maximum. The main target is at the level of 78.6% and the 1.618 line of the fibo-channel. If the pair rebounds from these levels, the price will start a new, deeper correction.
At the H1 chart we can see, that the price is moving above the level of 61.8%. Apart from the level 78.6%, there are several more fibo-levels in the target area. According to the analysis of the temporary fibo-zones, the predicted targets may be reached during the day.
USD/CHF
Franc is moving downwards. After breaking the minimum, the market started a correction, but may begin a new descending movement during the day. The target for the bears is at the level of 78.6%. The stop on my sell order is placed at the local maximum.
At the H1 chart, the pair is moving below the level of 61.8%. According to the analysis of the temporary fibo-zones, the targets may be reached within the next several hours. If later the price rebounds from level of 78.6%, the bulls may start a new correction.
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.