Fibonacci Retracements Analysis 28.01.2014 (EUR/USD, USD/CHF)

28.01.2014

Analysis for January 28th, 2014

EUR/USD

Euro is still moving inside flat pattern; earlier price rebounded from level of 61.8% and I decided to open buy order during the following correction. Main target for bulls is close to several upper fibo-levels, near 1.3960.



At H1 chart we can see, target of current correction is at local level of 50%. According to analysis of temporary fibo-zones, this level may be reached during the day. If later pair rebounds from it, I’ll increase my long position.



USD/CHF

Franc is also still being corrected; pair rebounded from level of 78.6% and started falling down. Price may yet move upwards for a while, but later it is expected to start new descending movement towards several lower fibo-levels.



As we can see at H1 chart, bulls are pushing price towards level of 38.2%. According to analysis of temporary fibo-zones, market may reach and test this level during the day. If price rebounds from this level, I’ll open my second sell order during the following slight 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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