Fibonacci Retracements Analysis 05.09.2013 (EUR/USD, USD/CHF)
05.09.2013
Analysis for September 5th, 2013
EUR/USD
The EUR/USD currency pair started a deeper and longer correction. However, after it the price is expected to continue falling down towards the target area formed by the levels of 50% and 138.2%. That’s why I’m selling again with the stop placed at a local maximum.
According to the analysis of the temporary fibo-zones at the H1 chart, the predicted targets may be reached by Friday. Moreover, the bulls may face the resistance from the 1 line of the fibo-channel.
USD/CHF
Franc broke the level of 38.2% and right now is moving above it. During a local correction, I opened a short-term buy order with Take Profit placed at the level of 50%. I’ll move the stop into the black as soon as the price breaks the maximum.
According to the analysis of the temporary fibo-zones at the H1 chart, the target area, formed by four fibo-levels, may be reached during the next several hours. If later the pair rebounds from the above-mentioned area, the price may start a deeper correction.
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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.