Fibonacci Retracements Analysis 04.04.2013 (EUR/USD, USD/CHF)

04.04.2013

Analysis for April 4th, 2013

EUR/USD

After rebounding twice from the level of 38.2%, Euro started moving downwards again. I’ve already opened three sell orders. Most likely, the price will continue moving towards the target area, where there are several fibo-levels at the same time.



At the H1 chart we can see that the bears broke a local minimum. Analysis of temporary fibo-zones indicates that the pair may reach the target levels by the end of the week. Later, this area may become a starting point of a correction.



USD/CHF

Yesterday the market “touched” all the stops and right now is starting growing up again; that’s why I had to open new long positions. The target are for the bulls is still the one between the levels of 61.8% (extension) and 161.8% (correction).



At the H1 chart we can see that the pair rebounded from the level of 23.6%. We can’t exclude a possibility that the price may reach a new local maximum during the day. According to the analysis of temporary fibo-zones, the pair is expected to reach the target area by the end of this week.



 
RoboForex Analytical Department
 
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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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