Analysis for July 29th, 2014
EUR USD, “Euro vs US Dollar”
Euro continues consolidation process. In the near term, price may resume its movement towards the nearest group of 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, correction target is at level of 38.2%. Price may rebound from this level inside temporary fibo-zone. Consequently, price may resume descending movement towards lower targets confirmed by local fibo levels.
USD CHF, “US Dollar vs Swiss Franc”
Franc is still moving upwards towards the group of upper fibo levels at 0.9105 – 0.9095. Stop loss on current orders will be automatically moved into the back. During Tuesday new maximum may be reached.
H1 chart shows that price may test local level of 38.2% over the next few hours. It is more likely to happen inside temporary fibo-zone. After it, ascending movement towards upper targets is expected.RoboForex Analytical Department