Fibonacci Retracements Analysis 02.07.2013 (EUR/USD, USD/CHF)

02.07.2013

Analysis for July 2nd, 2013

EUR/USD

Euro is still consolidating between the level of 50% and 61.8%. However, the main trend is still bearish. If the pair breaks the level of 61.8%, the price will continue falling down towards the level of 78.6%.



At the H1 chart we can see, that Euro is trying to start a new descending movement. In the target area there are several fibo-levels. In addition to that, the target for the bears is the 4.236 line of the fibo‑channel. According to the analysis of the temporary fibo-zones, the targets may be reached during the next 24 hours.



USD/CHF

Franc is also consolidating. Yesterday the price tried to break the 50% level, but failed. Nevertheless, the forecast is still bullish and I’m still buying the pair with the target at the level of 61.8%.



At the H1 chart we can see, that the target area is formed by three fibo-levels. According to the analysis of the temporary fibo-zones, the bulls may reach their targets during the day. If the pair rebounds from the level of 61.8%, the market will start a new correction.



 
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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