Fibonacci Retracements Analysis 17.05.2013 (EUR/USD, USD/CHF)

17.05.2013

Analysis for May 17th, 2013

EUR/USD

It looks like Euro is going to break the minimum set in March and the current consolidation confirms these expectations. Most likely, during the next several weeks the price will continue falling down towards the target area, where there are three fibo-levels.



At the H1 chart, after reaching intermediate targets, the pair started a correction. In the near term, Euro is expected to start a new descending movement towards the level of 1.2650. According to the analysis of temporary fibo-zones, predicted levels may be reached in the middle of the next week.



USD/CHF

Franc is being corrected. However, the bulls are trying to start a new ascending movement. During the next several days, the price may beak the latest maximum and reach the target area at the level of 0.9920, where there are three fibo-levels.



We may assume that the pair completed a local correction at the H1 chart. The bulls are trying to take over the control of situation again. I’m keeping my buy orders opened and planning to increase long positions. According to the analysis of temporary fibo-zones, predicted levels may be reached by next Wednesday.



 
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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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