Analysis for December 1st, 2014
EUR USD, “Euro vs US Dollar”
The price has rebounded from local retracement 61.8%, which means that the downtrend may resume. The target is still the group of lower fibo-levels: after reaching them, the pair may start a longer and more serious correction.
As we can see at the H1 chart, bears have been supported by several local retracements, mainly by 50%. In the near term, the pair is expected to continue moving towards the group of lower fibo-levels at 1.2180 – 1.2200.
USD CHF, “US Dollar vs Swiss Franc”
A rebound from a local retracement 61.8% may be a signal for Franc to start a new ascending movement. The target is still the group of upper fibo-levels. The stop losses on my orders are placed at a local minimum.
Probably, a double rebound from an intraday retracement 61.8% may result in a new ascending movement of the price. If the price continue growing, I’m planning to move the stop loss after the market. I’m going to increase my position after the price is able to stay above retracement 38.2%.
RoboForex Analytical Department