Fibonacci Retracements Analysis 09.05.2013 (EUR/USD, USD/CHF)

09.05.2013

Analysis for May 9th, 2013

EUR/USD

Despite the fact that the EUR/USD currency pair is moving upwards right now, our expectations are still bearish. Earlier the price rebounded from the level of 50%, which means that it may start a correction, at least. The target are is the level of 1.2850, where there are several fibo-levels.



At the H1 chart, the price reached the level of 78.6% and right now the bears are trying to make a reverse. Most likely, the market will continue falling down during Thursday. According to the analysis of temporary fibo-zones, predicted levels may be reached by the end of the week.



USD/CHF

A local correction reached the level of 50%. If the pair rebounds from it, the price will start a new ascending movement. The target for the buyers the next several days is the level of 0.9535, where there are three fibo-levels.



At the H1 chart we can see, that the bears started a correction, but they are unlikely to stay strong enough to continue pushing the price downwards. According to the analysis of temporary fibo-zones, predicted levels may be reached by Friday. Later these levels may become a starting point of a new correction.



 
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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