Fibonacci Retracements Analysis 02.08.2013 (EUR/USD, USD/CHF)

02.08.2013

Analysis for August 2nd, 2013


EUR/USD After rebounding from the level of 78.6%, the market started moving downwards. Right now, the pair is being corrected, but may start a new descending movement during the next several hours. The first target for the bears is the level of 38.2%.



At the H1 chart, the temporary fibo-zones the exact area, where the previous ascending movement was finished. Most likely, the current correction will reach the level of 38.2%. If Euro rebounds from this level, the bears will start a new descending movement.



USD/CHF

After rebounding from the level of 78.6%, Franc started moving upwards quite fast. There is a possibility that the pair may start a correction, after which I’m planning to open long positions. Later the price may reach the level of 38.2%.



The temporary fibo-zones indicated the exact point of a reverse. It looks like the price is starting a new correction. If later the pair rebounds from the level of 38.2%, the market will start a new ascending movement.



 
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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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