Fibonacci Retracements Analysis 08.10.2014 (EUR/USD, USD/CHF)


Analysis for October 8th, 2014

EUR USD, “Euro vs US Dollar”

Eurodollar is still being corrected and has almost reached a local retracement 38.2%. Possibly, the price may rebound from it and start falling towards the group of lower fibo-levels at 1.2435 – 1.2425. Later, the market may start a deeper correction.

As we can see at H1 chart, temporary fibo-zones indicate that the price may reach the predicted targets on Thursday. I’ve got only one sell order right now, but I’m planning to increase my position when the market breaks the previous low.

USD CHF, “US Dollar vs Swiss Franc”

Franc is also getting closer to a correctional level 38.2%. If later the pair rebounds from it, the price may resume growing towards the group of upper fibo-levels.

At H1 chart, I’ve got a limit buy order. However, if the market starts growing at once and breaks the previous high, I’ll open an order at current prices. Temporary fibo-zones indicate that the pair may reach the group of upper fibo-levels during the next 24 hours.

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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.