Analysis for February 6th, 2014
EUR USD, “Euro vs US Dollar”
Bulls are trying to keep price above level of 61.8%. If they succeed, pair will continue growing up towards a group of upper fibo-levels. I’ll move stop on my buy order into the black as soon as market reaches new maximum.
At H1 chart we can see, earlier this week price rebounded from lower border of its target area, it happened right inside temporary fibo-zone. The first target for bulls is at local level of 38.2%. If market breaks it, pair will continue growing up.
USD CHF, “US Dollar vs Swiss Franc”
At H4 chart, Franc rebounded from levels of 78.6% and then 61.8%. I’m keeping my sell order, although I’m still a bit in a drawdown. In the near term, market may start new descending movement.
At H1 chart, market rebounded from local level of 78.6%. Most likely, in the nearest future pair will continue falling down towards level of 61.8%. If price breaks it, bears will continue pushing pair downwards.
RoboForex Analytical Department