Fibonacci Retracements Analysis 22.11.2013 (EUR/USD, USD/CHF)

22.11.2013

Analysis for November 22nd, 2013

EUR/USD

After rebounding from local correctional level of 50%, Euro started falling down again. so far, bears slowed down a little bit, but they are expected to start new descending movement very soon. Target is still in lower area, where there are several fibo-levels.



As we can see at H1 chart, local correction reached level of 50% and right now is trying to rebound from it. In addition to that, here we can see that pair is rebounding from temporary fibo-zone, thus increasing chances for reverse. Possibly, bears may return to the market during the day.



USD/CHF

Franc was able to rebound from level of 38.2% and right now is starting new ascending movement. I have only one buy order so far, but plan to increase my long position after completion of local correction. Target is in upper area, where we can see several fibo-levels.



At H1 chart, we can see that current correction almost reached local level of 61.8%. Pair rebounded from this level almost inside temporary fibo-zone, which means that price may start new ascending movement.



 
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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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