Fibonacci Retracements Analysis 16.10.2014 (EUR/USD, USD/CHF)


Analysis for October 16th, 2014

EUR USD, “Euro vs US Dollar”

Eurodollar is still being corrected; the market was just several pips shy to reach retracement 78.6%. The target is still the group of lower fibo-levels at 1.2435 – 1.2425. Possibly, the price may break yesterday’s low during the day.

As we can see at the H1 chart, the lower targets are confirmed by local retracement. I’ve got only one sell order so far with the stop loss above a local maximum. I’m planning to open additional orders as the market continues moving downwards.

USD CHF, “US Dollar vs Swiss Franc”

Franc has rebounded from retracement 78.6% and several less important levels. The target is still the group of upper fibo-levels. After reaching this target area, the pair may start a deeper and more serious correction.

At the H1 chart, we can see that there are several additional retracements inside the upper predicted target area. I’ve got only one buy order right now, but I’m planning to increase my long position as soon as the market breaks a local high.

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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.