Fibonacci Retracements Analysis 12.08.2013 (EUR/USD, USD/CHF)

12.08.2013

Analysis for August 12th, 2013

EUR/USD

Thanks to the current descending movement, I opened a buy order at the best possible price. The short-term target is at the level of 1.3560, where we can see several fibo-levels. If the pair rebounds from the trend line, I’ll increase my long position.



At the H1 chart, a correction is taking place, which may be supported by the level of 61.8%. Moreover, the temporary fibo-zone indicate a very important bifurcation point, where the price may make a reverse and start a new ascending movement.



USD/CHF

Franc is also being corrected; the target for the next several days is at the level of 0.8980, where there are several fibo-levels. So far I’ve opened only one sell order, but if the current tendency continues, I’ll open one more.



At the H1 chart, the pair is moving inside a temporary fibo-zone; the current correction reached the level of 50%. If the price rebounds from this level, the market may reverse. In this case, the pair may break the minimum quite soon.



 
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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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