Fibonacci Retracements Analysis 01.08.2013 (EUR/USD, USD/CHF)

01.08.2013

Analysis for August 1st, 2013

EUR/USD

Yesterday the bulls tried to break the level of 78.6%, but failed. The price also rebounded from two additional fibo-levels, 78.6% and 161.8%. If the price stays below the level of 78.6%, the pair will continue falling down towards the level of 61.8%.



The bulls also faced the resistance from the 2.618 line of the fibo-channel. The temporary fibo-zones indicate a possibility that the pair stopped its ascending movement. During the day, the price is expected to break a local minimum and fall down towards the level of 61.8%.



USD/CHF

Franc couldn’t stay below the level of 78.6%. The pair rebounded from the levels of 200% and 61.8%, and started moving upwards. The short-term target is at the level of 61.8%.



Yesterday the pair rebounded from the level of 138.2% (from backward correction). The temporary fibo-zones also formed a target level. During the day, the price may break a local maximum.



 
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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