Fibonacci Retracements Analysis 17.09.2013 (EUR/USD, USD/CHF)
17.09.2013
Analysis for September 17th, 2013
EUR/USD
Just as we expected, the EUR/USD currency pair reached the level of 78.6% and rebounded from it. The market started moving downwards and may continue falling down even after completing a local correction. The first target for the bears will be the level of 23.6%.
At the H1 chart we can see, that the temporary fibo-zones indicated the exact moment when the price made a reverse. During a local correction, I opened a sell order with the stop placed at the latest maximum. I’m planning to increase my position as the market continues moving downwards.
USD/CHF
Franc also reached the level of 78.6% and two additional fibo-levels of 78.6% and 200%. It looks like the price is going to eliminate yesterday’s gap. A local target for the bulls is at the level of 50%.
As we can see at the H1 chart, the temporary fibo-zones indicate a possibility that the price made a reverse. If the bulls are strong enough, they may continue pushing the price upwards to reach the level of 38.2% (it’s almost the same as the level of 50% from the H4 chart).
RoboForex Analytical Department
Attention!
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.