Fibonacci Retracements Analysis 15.07.2013 (EUR/USD, USD/CHF)

15.07.2013

Analysis for July 15th, 2013

EUR/USD

Euro is still being corrected. We can’t exclude a possibility that the price may start a new ascending movement with the target at the level of 78.6% and the 2.618 line of the fibo-channel. Later, these levels may become a starting point of a deeper correction.



At the H1 chart, the price is forming flat pattern. According to the analysis of the temporary fibo-zones, the price may reach one of the important levels within a couple of day; there is a possibility that this may be the level of 78.6%.



USD/CHF

Franc is also consolidating; the bears are unlikely to stop at the level of 50% and may continue pushing the price downwards up to the level of 78.6%. However, they may face the resistance form the 2.618 line of the fibo-channel.



At the H1 chart, we can see one more level, 200%, from the previous correction. According to the analysis of the temporary fibo-zones, the targets may be reached on Wednesday. I’ll increase my short position as soon as the price rebounds from the current levels.



 
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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