Fibonacci Retracements Analysis 04.07.2013 (EUR/USD, USD/CHF)

04.07.2013

Analysis for July 4th, 2013

EUR/USD

Currently a local correction is taking place and may continue for a little longer. The main target is still the level of 78.6%. In addition to that, there are two more levels near it: 138.2% and 300%.



At the H1 chart we can see, that the temporary fibo-zones indicates the exact point where the price started a correction. Most likely, Euro will grow up a little bit during the day. We can’t exclude a possibility that the bulls may face the resistance form the 2.618 line of the fibo‑channel.



USD/CHF

Franc is also being corrected. There is a possibility that the market may test a local minimum, but is very unlikely to keep the price below it. The main target for the bulls is at the level of 61.8%. I’m planning to enter the market by placing a limit order.



The temporary fibo-zones indicate that the current correction may finish during the next 24 hours. As soon as the price reaches a new minimum, we’ll be able to estimate when the pair will reach the upper levels.



 
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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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