Fibonacci Retracements Analysis 23.07.2014 (EUR/USD, USD/CHF)

23.07.2014

Analysis for July 23rd, 2014

EUR USD, “Euro vs US Dollar”

Euro reached its target levels and take profit on my orders worked. However, considering that Franc may yet continue moving upwards (see charts below), then Euro also may reach several new minimums. In this case I decided to keep two sell order with target at the group of fibo-levels at 1.3425 – 1.3435.



As we can see at H1 chart, market reached its predicted targets right inside temporary fibo-zone. During the day, pair may start correction towards local fibo-level of 38.2% (1.3490). If price rebounds from it, pair will start new descending movement.




USD CHF, “US Dollar vs Swiss Franc”

Franc continues growing up and reaching new maximums. Targets are still the group of upper fibo-levels at 0.9105 – 0.9095. Stop loss on my current orders is already with a little profit. Yesterday I opened anther buy order, my third one, and later I’m planning to increase my long position.



As we can see at H1 chart, Franc reached temporary fibo-zone, which means that pair may start new local correction. If later pair rebounds from level of 38.2% or 50%, bulls will continue their rally towards upper targets.



 
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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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