Fibonacci Retracements Analysis 21.10.2014 (EUR/USD, USD/CHF)


Analysis for October 21st, 2014

EUR USD, “Euro vs US Dollar”

Eurodollar has rebounded from a local correctional retracement 78.6%. If in the nearest future the pair is able to stay below retracement 50 % (1.2745), the price will resume falling towards  the group of lower fibo-levels at 1.2435 – 1.2425.

As we can see at the H1 chart, I’ve managed to move the stop loss on my order opened earlier to breakeven. The lower targets are confirmed by local retracements. After reaching them, the pair may start a more serious correction.

USD CHF, “US Dollar vs Swiss Franc”

Franc is trying to resume growing inside the main uptrend. Earlier, the pair rebounded from retracement 78.6% and several less important levels. The target for bulls is still the group of upper fibo-levels.

At H1 chart, we can see that the upper target area is confirmed by several local retracements. I’ve got only one buy order so far. I’m planning to open an additional buy order if the market breaks a local high (0.9560).

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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.