Fibonacci Retracements Analysis 31.10.2013 (EUR/USD, USD/CHF)

31.10.2013

Analysis for October 31st, 2013

EUR/USD

Euro reached the correctional level of 38.2% and rebounded from it. We can’t exclude a possibility that right now the pair is starting a new ascending movement. The target for the bulls is still in the area, where there are several fibo-levels, the most important of which is the level of 78.6% (extension).



At the H1 chart, the price rebounded from the level of 38.2% near one of the temporary fibo-zones. We can see several additional fibo-levels (formed over the latest correction) and they make the main target area even more important.



USD/CHF

At the H4 chart, Franc is moving between the levels of 38.2% and 50%. I’m still out of the market and have only a pending order. The target for the bears is the area between the levels of 78.6% and 138.2%.



At the H1 chart, Franc is moving inside one of the temporary fibo-zones, and may start falling down in the nearest future. If the price breaks the local minimum, the bears will return to the market.



 
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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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