Fibonacci Retracements Analysis 05.08.2013 (EUR/USD, USD/CHF)

05.08.2013

Analysis for August 5th, 2013

EUR/USD

Euro is being corrected; the price is moving at the level of 78.6% again. If the bears are able to rebound from this level, the market will continue moving downwards. The target will be in the area between the levels of 161.8% and 38.2%.



At the H1 chart, the pair is trying to rebound from the level of 61.8%. If the bears succeed in doing it, the price may break the previous minimum. The intermediate target will be at the level of 100% (fibo-extension).



USD/CHF

Franc is still moving above the level of 78.6%; the bulls are trying to start a new ascending movement. We can’t exclude a possibility that the pair may break a local maximum during the next several days.



At the H1 chart, the pair is trying to rebound from the level of 61.8%. The target for the bulls is the area between the levels of 100% (extension) and 38.2% (correction). Earlier, the temporary fibo-zones indicated the exact point of a reverse.



 
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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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