Fibonacci Retracements Analysis 23.05.2013 (EUR/USD, USD/CHF)


Analysis for May 23rd, 2013


Yesterday the price rebounded from the level of 50% from the previous ascending movement. It looks like the bears decided to slow down a little bit; however, the price may start a new descending movement quite soon. The target is the area where there are several important fibo-levels and line of 1.618 from fibo-channel.

At the H1 chart, a possibility of breaking the minimum is even stronger. According to the temporary fibo-zones, predicted levels may be reached within the next several days. Later these levels may become a starting point of a deeper correction.


Franc started a correction, but it is very unlikely to take much time. Later I expect the pair to continue growing up and break maximums.

There is a possibility that the pair may try to test the level of 38.2%. If the market rebounds from this level, the pair will start growing up. According to the temporary fibo-zones, predicted levels may be reached quite soon.

RoboForex Analytical Department


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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