Fibonacci Retracements Analysis 11.07.2013 (EUR/USD, USD/CHF)

11.07.2013

Analysis for July 11th, 2013

EUR/USD

The pair started a fast ascending movement. We can’t exclude a possibility that after making a short pause, Euro may continue moving upwards. The target is the level of 78.6% and the 2.618 line of the fibo-channel.



At the H1 chart we can see, that the pair is about to complete a local correction, during which I opened a short-term buy order. According to the analysis of the temporary fibo-zones, the price may break yesterday’s maximum during the day.



USD/CHF

In case of Franc, the bears also may reach new minimums; their target is at the level of 61.8%. If later the pair rebounds from this level, the market may start a new ascending movement.



At the H1 chart, a local correction was supported by the 0.618 line of the fibo-channel. In the target area, we can see several fibo-levels, which make it even more important. According to the analysis of the temporary fibo-zones, the targets may be reached during the next 24 hours.



 
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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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