Fibonacci Retracements Analysis 19.12.2013 (EUR/USD, USD/CHF)
19.12.2013
Analysis for December 19th, 2013
EUR/USD
It looks like Eurodollar is reversing. In the near term, local correction may continue. Later, price is expected to continue falling down towards level of 50%.
As we can see at H1 chart, current short-term correction may reach level of 38.2%. If pair rebounds from this level, price will start new descending movement. According to analysis of temporary fibo-zones, lower targets may be reached by the end of the week.
USD/CHF
Franc started fast ascending movement. Most likely, in the future pair will continue growing up. Closest target for bulls is correctional level of 50%.
At H1 chart we can see, that current ascending movement may yet continue. However, during the day pair may start slight correction, which is unlikely to be more than 38.2%. If price rebounds from this level, I’ll consider opening buy orders.
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.