Fibonacci Retracements Analysis 31.07.2014 (EUR/USD, USD/CHF)


Analysis for July 31st, 2014

EUR USD, “Euro vs US Dollar”

Euro has practically reached the group of lower fibo levels and I successfully executed take profit orders. In the near term, price may start correction. Presently, I do not have any open orders.

As we can see at H1 chart, price has reached the target price area inside temporary fibo-zone. Moreover, some local fibo levels offer resistance to bears which may cause short-term pullback.

USD CHF, “US Dollar vs Swiss Franc”

Franc has reached the group of upper fibo levels. It is more likely that price may start correction in the near term. If Franc breaks upper border of price area, bulls may continue their rally.
At H1 chart, market has reached its target near temporary fibo-zone, thus, increasing the possibility of correction. I do not open any orders, being satisfied with already executed take profit orders.

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