Fibonacci Retracements Analysis 20.08.2013 (EUR/USD, USD/CHF)

Analysis for August 20^th, 2013

EUR/USD

Euro is trying to start a new ascending movement. The bulls have already broken a local maximum; their target is in the area between two fibo-levels, 123.6%, and 38.2%. If the price breaks these levels, the bulls will become stronger.



At the H1 chart, the pair rebounded from the level of 38.2%. According to the analysis of the temporary fibo-zones, the bulls may reach their predicted levels during the next 24 hours. I’ve already moved the stop on my buy order into the black.

USD/CHF

Franc continues moving downwards, so the target for the bulls has changed. Now it is in the area formed by the levels of 138.2%, 161.8%, and 61.8%. During a local correction, I opened a sell order. I’m planning to increase my short position as the pair continues moving downwards.



As we can see at the H1 chart, there is an additional fibo-level in the target area. According to the analysis of the temporary fibo-zones, the target may be reached on Wednesday. Later these levels may become a starting point of a new correction.



 
RoboForex Analytical Department