Fibonacci Retracements Analysis 31.07.2013 (EUR/USD, USD/CHF)
31.07.2013
Analysis for July 31st, 2013
EUR/USD
Euro is testing the level of 78.6% once more. If the price breaks it this time again, the pair will start a serious descending movement. The first target for the bears will be the level of 61.8%.
The price started a rapid ascending movement, but was stopped by the 2.618 line of the fibo-channel and the pair rebounded from it. The bears are trying to return under the level of 78.6%. The closest target is at the level of 138.2% (from fibo-extension).
USD/CHF
Franc also tried to test the level of 78.6%. The bears failed to break the level again, and right now the market is rebounding from it, which means that the pair may start a more serious correction in the nearest future.
At the H1 chart, we can see that todays’ minimum is inside one of the temporary fibo-zones. I placed a limit buy order near a local maximum. There is a possibility that the bulls may reach the level of 61.8% during the next several days.
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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.