Fibonacci Retracements Analysis 16.10.2013 (EUR/USD, USD/CHF)

16.10.2013

Analysis for October 16th, 2013

EUR/USD

Yesterday Euro reached a new minimum, but then started a correction, during which I opened one more sell order. The target is still at the local correctional level of 38.2%.



At the H1 chart, the price rebounded from the level of 61.8% and started falling down. The current correction forced the temporary targets to move. We can’t exclude a possibility that the lower target levels may be reached on Thursday. If the pair rebounds from them, the price will start a new correction, at least.



USD/CHF

Yesterday Franc reached the level of 38.2% and my Take Profit worked. During the correction, I opened one more buy order, this time with the target at the level of 50%. I’ll move the stop into the black as soon as the market starts goring up towards the local maximum.



At the H1 chart, the current correction reached the level of 61.8% and right now the price is rebounding form it. The pair may break the maximum quite soon. According to the analysis of the temporary fibo-zones, the bulls may reach their targets on Thursday.



 
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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