Fibonacci Retracements Analysis 18.07.2013 (EUR/USD, USD/CHF)

18.07.2013

Analysis for July 18th, 2013

EUR/USD

Yesterday Euro couldn’t break the level of 61.8%, again. We can’t exclude a possibility that the bulls may try to break it once more time in the nearest future. The man target is still the level of 78.6%.



At the H1 chart, the price is consolidating. There is a possibility that the pair may break a local minimum during the day. The bulls may face the resistance from the 2.618 line of the fibo-channel.



USD/CHF

Franc is also being corrected. If the price rebounds from the 1.618 line of the fibo-channel, the pair will continue falling down. The target for the bears is the level of 78.6%, which may later become a starting point of a new, deeper correction.



At the H1 chart, we can see that the pair rebounded from the level of 50%. According to the analysis of the temporary fibo-zones, the level of 78.6% may be reached by the end of this week. One more resistance for the bears will be the 2.618 line of the fibo-channel.



 
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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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