Fibonacci Retracements Analysis 15.12.2014 (EUR/USD, USD/CHF)


Analysis for December 15th, 2014

EUR USD, “Euro vs US Dollar”

Eurodollar is still being corrected. By now, the price has already tested retracements 61.8% as well as several local retracements three times. If the market rebounds from them again, the pair may resume moving downwards.

At the H1 chart, the predicted target area of the current correction is confirmed by several local retracements, which make this area even more important. Considering that the price has already rebounded from them again, the pair may resume falling towards the group of lower fibo-levels.

USD CHF, “US Dollar vs Swiss Franc”

In case of Franc, the correction has reached retracement 61.8% and rebounded from it once again. Last week, I opened a buy order with the stop loss below a local minimum. The main target is still the group of upper fibo‑levels.

As we can see at the H1 chart, retracement 61.8% is confirmed by several local retracement, from which the pair has rebounded again. If later the price is able to stay above retracement 38.2%, bulls will return to the market.

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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.