Fibonacci Retracements Analysis 04.10.2013 (EUR/USD, USD/CHF)
04.10.2013
Analysis for October 4th, 2013
EUR/USD
Yesterday the EUR/USD currency pair reached its main target at the level of 78.6% and right now is trying to rebounds from it. We can’t exclude a possibility that in the nearest future the price may start falling down towards the local correctional level of 38.2%.
At the H1 chart we can see, the price reach the level of 78.6% inside one of the temporary fibo-zones, which makes the possibility of a reverse and a new correction even stronger. If the pair breaks the latest local minimum, it will be one more sign of the tendency change.
USD/CHF
Franc rebounded from the target levels again. There is a possibility that the price is starting an ascending correction. The target for the next several weeks is at the level of 38.2%.
At the H1 chart, the temporary fibo-zone indicated the exact moment when the price tested the target area. We can’t exclude a possibility that the pair made a reverse. If the price start a new bullish tendency, I’ll open several buy orders.
RoboForex Analytical Department
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