Fibonacci Retracements Analysis 02.05.2013 (EUR/USD, USD/CHF)

02.05.2013

Analysis for May 2nd, 2013

EUR/USD

The pair rebounded from the level of 50% once again, but the correction may yet continue. However, if the bulls break this level, the price will continue growing up towards the level of 61.8%. I’m keeping my buy order opened, but if the correction takes more time that I expect, I’ll have to close the deal.



At the H1 chart we can see, that the current correction is moving inside a local up-trend so far. There is a strong possibility that market may break the maximum during Thursday. According to the analysis of temporary fibo-zones, predicted levels may be reached by the end of the week.



USD/CHF

Franc is still falling down. The target of this descending movement is at the level of 78.6%, where there are two more fibo-levels (from extension and backward correction).



At the H1 chart, Franc is being corrected between the levels of 50% and 61.8%. According to the analysis of temporary fibo-zones, the targets may be reached by Friday. The stop on my short-term sell order has already been moved into the black.



 
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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