Fibonacci Retracements Analysis 17.10.2013 (EUR/USD, USD/CHF)
17.10.2013
Analysis for October 17th, 2013
EUR/USD
Euro continues growing up, so we have to define new targets for the bulls, they’re at the levels of 50% and 61.8% (expansion). There are several more confirming levels near them. During a correction, I opened a short-term buy order with the target at level of 50%.
At the H1 chart, we can see that near the target area there is the level of 200%. According to the analysis of the temporary fibo-zones, the predicted targets may be reached by the middle of Friday.
USD/CHF
Franc made a reverse. There is a possibility that in the nearest future the pair may break the latest minimum. The main target is at the level of 61.8% (expansion), which is confirmed by several additional levels.
At the H1 chart, we have two temporary targets. We can’t exclude a possibility that the market may reach one of the intermediate targets during the day. Later, after a slight correction, the price may continue moving towards its main target and reach it on Monday.
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.