Fibonacci Retracements Analysis 07.11.2013 (EUR/USD, USD/CHF)
07.11.2013
Analysis for November 7th, 2013
EUR/USD
It looks like Euro is about to finish the correction; the market is trying to rebound from the local level of 23.6%. The target for the bears is lower area, where there are three fibo-levels.
As we can see at the H1 chart, there is one more fibo-level inside target area, 138.2% (correction). According to the analysis of the temporary fibo-zones, the pair may reach its predicted levels by the end of this week.
USD/CHF
Franc continues consolidating; the target is still in the area between 61.8% and 138.2%. The price may break the maximum during the day.
At the H1 chart, the price is approaching temporary fibo-zone. Probably, the correction will stop here. The pair may reach upper levels by the end of the week, so I’m still holding my buy order.
RoboForex Analytical Department
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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.