Fibonacci Retracements Analysis 28.10.2013 (EUR/USD, USD/CHF)
28.10.2013
Analysis for October 28th, 2013
EUR/USD
Euro is being corrected. This sideways movement may continue during the day, but later the pair is expected to start a new ascending movement towards the main target at the level of 78.6%, which is confirmed by several more fibo-levels.
At the H1 chart, the target of the local correction is at the level of 38.2%. According to the analysis of the temporary fibo-zones, this level may be reached on Monday.
USD/CHF
Franc is still moving inside a descending channel. During the correction, I opened a short-term sell order. The target for the next several days is in the area, where there are several fibo-levels, the most important of which is the level of 78.6% (extension).
Last week the market rebounded from the correctional level of 50%. If the bears are able to rebounds from the descending channel’s upper border, Franc may break the minimum and continue falling down towards its predicted targets.
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.