Fibonacci Retracements Analysis 10.05.2013 (EUR/USD, USD/CHF)

10.05.2013

Analysis for May 10th, 2013

EUR/USD

Yesterday the EUR/USD currency pair started moving downwards and broke a local minimum. During a correction, I opened one more sell order. The target is in the area, where there are three fibo-levels. If the price rebounds from these levels, the pair may start a new correction.



At the H1 chart, lower border of the target area is near the level of 200% from the previous ascending correction, which finished at the level of 78.6% from the previous descending movement. According to the analysis of temporary fibo-zones, the bears may reach predicted levels by Monday.



USD/CHF

On Thursday, Franc started moving upwards very fast. Right now, the bulls are slowing down a little bit, and I’ve decided to increase my long position. The target area has been moved a bit higher, now it’s the level of 0.9640, where there are five fibo-levels.



The bulls are still very strong, that’s why I expect them to start a new ascending movement quite soon. According to the analysis of temporary fibo-zones, the upper levels may be reached in the beginning of the next 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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