Fibonacci Retracements Analysis 05.12.2013 (EUR/USD, USD/CHF)
05.12.2013
Analysis for December 5th, 2013
EUR/USD
Well, correction continues. Price broke level of 61.8%, so next target for bulls is at 76.8%. During Thursday’s pullback, I opened short-term buy order and has already moved stop into the black.
As we can see at H1 chart, upper target area is formed by four fibo-levels. According to analysis of temporary fibo-zones, predicted targets may be reached until the end of this week. If price rebounds from level of 78.6%, market may reverse downwards.
USD/CHF
Franc is also falling down; but here target is a bit closer. Most likely, correction may yet continue for a while in the nearest future, but later market is expected to start new descending movement towards level of 78.6%.
Yesterday market broke minimum and almost reached lower fibo-levels. According to analysis of temporary fibo-zones, targets may be reached on Friday.
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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.