Fibonacci Retracements Analysis 21.08.2013 (EUR/USD, USD/CHF)
21.08.2013
Analysis for August 21st, 2013
EUR/USD
Yesterday Euro reached its target level and Take Profit on my buy order worked. During the following correction, I opened a long position again. We can’t exclude a possibility that in the nearest future the price may reach the level of 1.35, where there are several fibo levels, 161.8%, 78.6%, and 50%.
At the H1 chart we can see, that there are confirming fibo levels, 138.2% and 300%, in the target area. According to the analysis of the temporary fibo-zones, the predicted targets may be reached during the next 24 hours. I’m planning to move the stop into the black after the price breaks the maximum.
USD/CHF
Franc is also being corrected; I’ve already opened two sell orders. Most likely, the pair will break a local minimum during the day. The main target is in the area formed by three levels, 138.2%, 161.8%, and 61.8%.
As we can see at the H1 chart, there is an additional confirming fibo-level, 161.8%. According to the analysis of the temporary fibo-zones, the target area may be reached on Friday. Later these levels may become a starting point of a new correction.
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