Analysis for July 8th, 2014
EUR USD, “Euro vs US Dollar”
Euro is still being corrected. Most likely, after completing it, price may start falling down towards the group of lower fibo-levels at 1.3465 – 1.3455. After reaching them, price may start new correction.
As we can see at H1 chart, target for current local correction is at fibo-level of 38.2% (1.3620). Possibly, price may reach this level inside closest temporary zone. If market rebounds from this level, I’ll open another sell order.
USD CHF, “US Dollar vs Swiss Franc”
Franc is also still being corrected. Most likely, after a short pause, bulls will continue moving towards the group of upper fibo-levels at 0.9105 – 0.9095. Pair may reach new high during the next several days.
As we can see at H1 chart, current correction is almost horizontal and its target is at local fibo-level of 38.2%. According to analysis of temporary fibo-zones, price may reach this level by the middle of the week.
RoboForex Analytical Department