Fibonacci Retracements Analysis 16.05.2014 (EUR/USD, USD/CHF)

16.05.2014

Analysis for May 16th, 2014

EUR USD, “Euro vs US Dollar”

Euro started correction; its closest target is at local level of 38.2%. If later price rebounds from it, pair may start new ascending movement towards the group of lower fibo levels at 1.3595 – 1.3585.



As we can see at H1 chart, market is getting closer to temporary fibo-zone. Possibly, inside this zone price may rebound from level of 38.2%, where I placed limit sell order with stop above level of 61.8%.




USD CHF, “US Dollar vs Swiss Franc”

Franc is also being corrected; local target is at level of 38.2% as well. We should note, that if bears are able to break this level, price will continue falling down much lower.



According to analysis of temporary fibo-zones at H1 chart, price may reach level of 38.2% during Friday. If later pair rebounds from this level, I’ll open several buy orders with stop placed below minimum.



 
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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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