Fibonacci Retracements Analysis 23.10.2013 (EUR/USD, USD/CHF)
23.10.2013
Analysis for October 23rd, 2013
EUR/USD
Yesterday Euro made a strong ascending movement and reached both targets; my Take Profits worked. However, right now the market is being corrected and may continue moving upwards later. The next target for the bulls is at the level of 78.6%.
At the H1 chart, the pair is being corrected. We can’t exclude a possibility that the price may reach the level of 38.2%. If the market rebounds from it, the pair will start a new ascending movement towards the upper levels.
USD/CHF
Yesterday Franc broke the minimum and right now is consolidating. I have two sell orders; the targets remain the same. If later the price rebounds from the predicted levels, the market will start a deeper correction.
At the H1 chart, the local correction is 23.6%. According to the analysis of the temporary fibo-zones, the lower target levels may be reached during the next 24 hours. I’ll move the stop to the local maximum as soon as the price breaks the minimum.
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.