Fibonacci Retracements Analysis 16.12.2013 (EUR/USD, USD/CHF)
16.12.2013
Analysis for December 16th, 2013
EUR/USD
Eurodollar is still moving inside ascending channel. In the near term, correction may yet continue towards local level of 38.2%. If price rebounds from it, pair is expected to start growing up again towards upper fibo-levels.
At H1 chart, near level of 38.2% we can see several additional fibo-levels, which means that current correction may compete. According to analysis of temporary fibo-zones, lower target levels may be reached during Tuesday.
USD/CHF
Franc is also still being corrected. During local pullback, I opened short-term buy order with target at level of 38.2%. If later pair breaks it, main trend may reverse downwards.
At H1 chart, Franc is about to finish local correction. Most likely, during the day price will start moving towards short-term bullish targets. According to analysis of temporary fibo-zones, pair may rebound from upper levels tomorrow.
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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.