Fibonacci Retracements Analysis 12.09.2013 (EUR/USD, USD/CHF)

12.09.2013

Analysis for September 12th, 2013

EUR/USD

Yesterday the EUR/USD currency pair reached the level of 61.8% and then rebounded from it. However, a possible reverse hasn’t been confirmed yet, that’s why the price may continue moving upwards. The next target for the bulls is at the level of 78.6%, where there are several additional fibo-levels.



At the H1 chart, the pair is being corrected. The stop on my short-term buy order is at a local minimum. According to the analysis of the temporary fibo-zones, the target levels may be reached during the day.



USD/CHF

Franc also reached a new minimum on Wednesday. During a correction, I sold with the target at the level of 78.6%. On the other hand, if the bulls are strong enough to start a new ascending movement, I’ll open a buy order again when the price breaks the level of 23.6%.



As we can see at the H1 chart, there are four fibo-levels in the target area. According to the analysis of the temporary fibo-zones, the predicted targets may be reached within the next several hours. I’ll move the stop into the black after the instrument breaks the minimum.



 
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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