Fibonacci Retracements Analysis 04.09.2013 (EUR/USD, USD/CHF)

04.09.2013

Analysis for September 4th, 2013

EUR/USD

The EUR/USD currency pair is still being corrected. Earlier the price broke the level of 38.2% and may try to test the level of 50%. If the pair rebounds from it, the market may start a deeper correction.



At the H1 chart, there are two more fibo-levels, 161.8% and 138.2%, in the target area, which make it even more important. Moreover, the bears may face the resistance from the 1 line of the fibo-channel. According to the analysis of the temporary fibo-zones, the predicted targets may be reached during the day.



USD/CHF

Franc reached the target area and rebounded from it twice. We can’t exclude a possibility that during the next several days the market may form a correction, that’s why I’m staying out of the market.



At the H1 chart we can see, that the temporary fibo-zones indicate a possible reverse. The target of this possible correction is the level of 38.2%. If later the pair rebounds from the above-mentioned level, I’ll try to open several buy orders.



 
RoboForex Analytical Department

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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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