Fibonacci Retracements Analysis 29.08.2013 (EUR/USD, USD/CHF)

29.08.2013

Analysis for August 29th, 2013

EUR/USD

The USD/EUR currency pair is still being corrected. The price reach the correctional level of 78.6%, which is confirmed by several more fibo-levels. In addition to that, the temporary fibo-zones also indicate a possible reverse.



At the H1 chart we can see, that in the target area there is one more confirming fibo level, 161.8% (extension). I’ve got only one buy order so far, but after the price rebounds from several fibo-levels I’m planning to increase my long position.



USD/CHF

Franc is also being corrected. If the pair rebounds from the level of 50% twice, it will be a very strong bearish signal. In this case, the price may break the minimum during the next several days.



At the H1 chart, the price is very close to a temporary fibo-zone. We can’t exclude a possibility that the pair may make a reverse during the day. Later the pair is expected to start falling down towards the area with several fibo-levels at the bottom of the chart.



 
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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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