Fibonacci Retracements Analysis 28.07.2014 (EUR/USD, USD/CHF)
28.07.2014
Analysis for July 28th, 2014
EUR USD, “Euro vs US Dollar”
Euro continues descending movement. In the near term, price may reach the group of the nearest fibo levels at 1.3380 – 1.3375. Consequently, if price rebounds from this price area, it may start new deeper correction.
As we can see at H1 chart, bearish targets are confirmed by local fibo levels. According to analysis of temporary fibo-zones, price may reach lower targets by the middle of the week.
USD CHF, “US Dollar vs Swiss Franc”
Franc is still moving upwards without any deep corrections. Main target is still the group of upper fibo levels at 0.9105 – 0.9095. Stop loss on current orders will be automatically moved into the back.
At H1 chart, local correction is practically completed. The main target area is confirmed by local fibo levels. According to analysis of temporary fibo-zones, price may reach the upper price area by Wednesday.
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.