Fibonacci Retracements Analysis 17.11.2014 (EUR/USD, USD/CHF)


Analysis for November 17th, 2014

EUR USD, “Euro vs US Dollar”

Eurodollar is still being corrected; the market rebounded from retracement 50%. Possibly, the price may resume falling in the nearest future. The target is still the group of lower fibo-levels.

As we can see at the H1 chart, bears have been supported by several local retracements. In the near term, the pair is expected to continue falling towards the group of lower fibo-levels at 1.2180 – 1.2200. If later the price rebounds from them, the market may start a new correction.

USD CHF, “US Dollar vs Swiss Franc”

Franc has rebounded from retracement 61.8%, which means that the pair may start a new ascending movement. I’m planning to open another buy order during a local correction. The target is still the group of upper fibo-levels.

As we can see at the H1 chart, the market rebounded not only from retracement 61.8%, but from several local retracements as well. If the price continue growing, I’m planning to move the stop loss after the market. The pair may break the maximum during the next several days.

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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.