Fibonacci Retracements Analysis 07.10.2013 (EUR/USD, USD/CHF)
07.10.2013
Analysis for October 7th, 2013
EUR/USD
After rebounding from the target area, the EUR/USD currency pair started falling down. The first target for the bears is the level of 38.2% (red line). During a local correction, I opened a sell order witj the stop place at the maximum.
At the H1 chart we can see, the price made a reverse inside one of the temporary fibo-zones. A local correction was 50%, which is enough. Most likely, the pair will break the minimum during the day.
USD/CHF
Franc’s second attempt to rebound from the lower levels was successful. The closest target of the current correction is the level of 38.2%. If the price breaks it, the pair may start a deeper pullback.
At the H1 chart, a local correction is taking place. The market was a little bit shy to reach the level of 61.8%. It looks like the price is going to move upwards quite fast during the next several days.
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