Analysis for October 22nd, 2014
EUR USD, “Euro vs US Dollar”
In the beginning of the week, Eurodollar rebounded from a correctional retracement 78.6%. Considering that the pair is already moving below retracement 50 % (1.2745), it may continue falling towards the group of lower fibo-levels at 1.2435 – 1.2425.
As we can see at the H1 chart, the predicted target area is confirmed by local retracements. After reaching them, the pair may start a more serious correction. I‘ve managed to move the stop loss on my sell order opened earlier to breakeven.
USD CHF, “US Dollar vs Swiss Franc”
After rebounding from retracement 78.6% and several less important levels, Franc is trying to resume growing inside the main trend. The target for bulls is the group of upper fibo-levels.
In case of Franc, I still have one buy order. At the H1 chart, the upper targets are confirmed by several local retracements. If the market breaks a local high (0.9560), I’m planning to open an additional buy order.
RoboForex Analytical Department