Analysis for October 10th, 2014
EUR USD, “Euro vs US Dollar”
It looks like Eurodollar is still being corrected. The closest target is the group of upper fibo-levels at 1.2800 – 1.2805. If the price rebounds from them, the pair may start resume falling towards its lower targets at 1.2435 – 1.2425.
As we can see at the H1 chart, the price is trying to rebound from a local retracement 61.8%. Most likely, in the beginning of the next week the pair may renew the previous high and reach the upper targets.
USD CHF, “US Dollar vs Swiss Franc”
In case of Franc, the situation is opposite to Eurodollar. In the near term, the pair may move towards the group of lower fibo-levels at 0.9455 – 0.9445. If the price rebounds from them, the pair may start grow towards its upper targets at 0.9780 – 0.9770.
As we can see at H1 chart, Franc has reached a local retracement 61.8%, which was a signal to open a sell order. I’ll consider opening another order after the pair breaks the previous low.
RoboForex Analytical Department