Fibonacci Retracements Analysis 07.08.2013 (EUR/USD, USD/CHF)

07.08.2013

Analysis for August 7th, 2013

EUR/USD

Euro continues moving inside a narrow trading range near the level of 78.6%. We can’t exclude a possibility that the pair may start a more serious descending movement during the day. The target for the seller is in the area between the levels of 161.8% and 38.2%.



At the H1 chart we can see, that a local correction reached the level of 78.6%. Moreover, the temporary fibo-zones also indicates that the price may reverse here. The first target for the bears will be at the level of 100% (fibo-extension).



USD/CHF

Franc is testing the level of 78.6% again and is trying to rebound from it. Again. If the bulls succeed in doing it, the pair will start a correction, at least.



At the H1 chart we can see, that the temporary fibo-zones indicated the exact point of a reverse. The short-term target for the buyers is in the area between the levels of 100% and 38.2%.



 
RoboForex Analytical Department

Attention!

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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