Fibonacci Retracements Analysis 29.10.2014 (EUR/USD, USD/CHF)
29.10.2014
Analysis for October 29th, 2014
EUR USD, “Euro vs US Dollar”
Eurodollar is still being corrected. The pair has rebounded from a local retracement 61.8% (1.2750), which means that the price may resume falling. The main target is still the group of lower fibo-levels at 1.2435 – 1.2425.
At the H1 chart, the predicted target area is confirmed by several local retracements. Considering that the pair has rebounded from retracement 61.8%, I continue holding my sell orders opened earlier. Possibly, the price may try to break a local low during this trading week.
USD CHF, “US Dollar vs Swiss Franc”
Franc is trying to start a new ascending movement. The target for bulls is the group of upper fibo-levels. If the price rebounds from retracement 61.8%, the market may resume growing. In the near term, the pair is expected to break a local high.
At the H1 chart, the upper targets are confirmed by several local retracements. I’m planning to open an additional buy order as soon as the price breaks a local retracement 23.6% (0.9521) upwards and stays above it.
RoboForex Analytical Department
Attention!
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.