Fibonacci Retracements Analysis 23.10.2014 (EUR/USD, USD/CHF)


Analysis for October 23rd, 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), after a local correction it may continue falling towards the group of lower fibo-levels at 1.2435 – 1.2425.

At the H1 chart, the predicted target area is confirmed by local retracements. After reaching them, the pair may start a more serious correction. Yesterday, I managed to move the stop loss on my sell order 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 uptrend. The target for bulls is the group of upper fibo-levels.

In case of Franc, I still have one buy order, the stop loss on which I’ve already managed to move to breakeven. 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.

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