Fibonacci Retracements Analysis 06.03.2014 (EUR/USD, USD/CHF)

06.03.2014

Analysis for March 6th, 2014

EUR USD, “Euro vs US Dollar”

Yesterday Eurodollar tried to rebound from level of 61.8%. Pair didn’t make any significant ascending movement, that’s why it may test this level once again. I’m planning to enter the market using limit order. However, if price rebounds from the channel, I’ll open several more orders.



As we can see at H1 chart, pair is moving inside flat pattern. Probably, price may start new ascending movement until the end of this week and reach its upper targets in the beginning of the next one. We should note that if price breaks the channel downwards and stays below it, I’ll close my limit buy order placed earlier.




USD CHF, “US Dollar vs Swiss Franc”

After rebounding from is first target, Franc started new correction, which seems to be quite fast. I opened short-term buy order with target at level of 50%. If later pair rebounds from this level, I’ll start selling with target at latest minimum.



Franc has grown a little bit over the last 24 hours, and I’ve decided to move stop into the black. Earlier pair rebounded from the channel right inside temporary fibo-zone. Possibly, price may reach local level of 50% during the day.



 
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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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