Fibonacci Retracements Analysis 21.05.2013 (EUR/USD, USD/CHF)

21.05.2013

Analysis for May 21st, 2013

EUR/USD

At the H4 chart, the price started a new correction, which may continue for several days. Later Euro us expected to start a new descending movement towards the target area, which is formed by three different fibo-levels and the line of 1.618 from fibo-channel.



The price may complete a local correction at the level of 38.2%. If the pair rebounds from this level, Euro will continue falling down. According to the analysis of temporary fibo-zones, the correction may finish by Wednesday.



USD/CHF

After rebounding from intermediate targets, Franc started a correction. The pair may consolidate for a while, but later the bulls are expected to start a new descending movement. The main target is still at the level of 0.9920.



The price may complete the current correction at the level of 38.2%.  According to the analysis of temporary fibo-zones, the correction may complete within two days. If the pair rebounds from the level of 38.2%, Franc will resume the up-trend.



 
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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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