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