Fibonacci Retracements Analysis 24.10.2013 (EUR/USD, USD/CHF)
24.10.2013
Analysis for October 24th, 2013
EUR/USD
The bulls continue pushing Euro towards new maximums. They haven’t been able to keep the price above the level of 61.8% so far, but as soon as they succeed, the market will continue growing up towards the level of 78.6%.
At the H1 chart, after completing the correction (which was 38.2%), the pair broke the maximum. According to the analysis of the temporary fibo-zones, the upper target levels may be reached during the day. The stop on my short-term buy order is already in the black.
USD/CHF
Franc is falling down quite fast. The stop on my yesterday’s sell order is already in the black. If the price rebounds from the level of 61.8%, the market will start a deeper correction.
At the H1 chart, market got very close to the one of the temporary fibo-zones. Most likely, the bears will reach their target s during the day. Later the pair is expected to rebound from the target levels and make a local reverse upwards.
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