Fibonacci Retracements Analysis 24.07.2014 (EUR/USD, USD/CHF)


Analysis for July 24th, 2014

EUR USD, “Euro vs US Dollar”

Euro successfully reached the group of lower fibo-levels. Most likely, right now pair is starting new correction. Price may test level of 38.2% during the next several days. If price rebounds from it, market will continue moving inside current downtrend.

According to analysis of temporary fibo-zones at H1 chart, current correction may take more time than expected. I’ve got one limit buy order; as soon as it is triggered, I’ll move take profit to level of 38.2%.

USD CHF, “US Dollar vs Swiss Franc”

Franc also started new correction, that’s why I’m keeping only one order. Bears are unlikely to move any lower than level of 38.2%. If price rebounds from this level, I’ll increase my long position with target at the group of upper fibo-levels.

Similar to Euro, current correction may take quite a lot of time. Possibly, price may rebound from level of 38.2%, but only in the beginning of the next week. However, if bears are able to break this level, buying Franc is not recommended.

RoboForex Analytical Department


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.