Fibonacci Retracements Analysis 07.10.2013 (EUR/USD, USD/CHF)

Analysis for October 7^th, 2013

EUR/USD

After rebounding from the target area, the EUR/USD currency pair started falling down. The first target for the bears is the level of 38.2% (red line). During a local correction, I opened a sell order witj the stop place at the maximum.



At the H1 chart we can see, the price made a reverse inside one of the temporary fibo-zones. A local correction was 50%, which is enough. Most likely, the pair will break the minimum during the day.

USD/CHF

Franc’s second attempt to rebound from the lower levels was successful. The closest target of the current correction is the level of 38.2%. If the price breaks it, the pair may start a deeper pullback.



At the H1 chart, a local correction is taking place. The market was a little bit shy to reach the level of 61.8%. It looks like the price is going to move upwards quite fast during the next several days.



 
RoboForex Analytical Department