Fibonacci Retracements Analysis 16.01.2014 (EUR/USD, USD/CHF)

16.01.2014

Analysis for January 16th, 2014

EUR/USD

After rebounding from level of 38.2% several times, Eurodollar started moving downwards. Right now, price is being corrected, but may start new descending movement in the nearest future. Main target for bears is several fibo-levels near 1.3490.



As we can see at H1 chart, target area is formed by three fibo-levels. If pair rebounds from them, price may start new correction. According to analysis of temporary fibo-zones, lower targets levels may be reached within next 24 hours.



USD/CHF

Franc is also being corrected; earlier price rebounded from correctional level of 38.2%. In the near term, bulls are expected to start new ascending movement and break previous maximums. Their target is several fibo-levels near 0.9180.



After making fast ascending movement, bulls decided to slow down a little bit. According to analysis of temporary fibo-zones, upper levels by the end of this week. If later pair rebounds from them, market may start new correction.



 
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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.

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