Fibonacci Retracements Analysis 17.01.2014 (EUR/USD, USD/CHF)

17.01.2014

Analysis for January 17th, 2014

EUR/USD

Euro is still being corrected; earlier price rebounded from correctional level of 38.2%, which means that pair may start moving downwards again. I’ve got only one sell order so far; target is several fibo-levels near 1.3490.



As we can see at H1 chart, target of current correction is at level of 61.8%. According to analysis of temporary fibo-zones, this level may be reached on Friday. If later price rebounds from it, bears will return to the market.



USD/CHF

Franc is also being corrected; I’m in a drawdown with my sell order. Earlier this week price rebounded from correctional level of 38.2%. In the future, pair is expected to move upwards to reach several fibo-levels in upper part of the chart.



Correction may yet continue during the day, price may break local minimum. According to analysis of temporary fibo-zones, upper levels may be reached by next Tuesday. We should note that if later price rebounds from target area, pair may start new and deeper 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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