Fibonacci Retracements Analysis 07.06.2013 (EUR/USD, USD/CHF)

07.06.2013

Analysis for June 7th, 2013

EUR/USD

Yesterday the pair broke the minimum and started a more serious correction. In the near term, Euro may continue growing up towards the level of 61.8%, where I placed Take Profit on my short term buy order. If later the pair rebounds from this level, the bears may start pushing the price downwards. Otherwise, the bulls rally will continue.



At the H1 chart, a correction is taking place, which is supported by the level of 50%. According to the analysis of the temporary fibo-zones, the target area may be reached in the beginning of the next week.



USD/CHF

Franc also continues moving downwards; the closest target level for the bears is the level of 78/6%, where there are several more fibo-levels. Most likely, the price will reach a new minimum quite soon.



At the H1 chart, the pair is still consolidating. There is a possibility that the pair may continue forming flat pattern for a while. According to the analysis of the temporary fibo-zones, the target area may be reached by next Monday.



 
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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