Fibonacci Retracements Analysis 02.12.2014 (EUR/USD, USD/CHF)

02.12.2014

Analysis for December 2nd, 2014

EUR USD, “Euro vs US Dollar”

The price has rebounded from local retracement 61.8% several times over the last several days, which means that the downtrend may resume. The target is still the group of lower fibo-levels: after reaching them, the pair may start a longer and more serious correction.



As we can see at the H1 chart, Eurodollar has been supported by several local retracements, which means that the market may resume falling quite soon. In the near term, the pair is expected to continue moving towards the group of lower fibo-levels at 1.2180 – 1.2200.




USD CHF, “US Dollar vs Swiss Franc”

A double rebound from a local retracement 61.8% may be a signal for Franc to continue the uptrend. The target is still the group of upper fibo-levels. The stop losses on my orders are placed at a local minimum.



Probably, a double rebound from an intraday retracement 61.8% and several local retracements may result in a new ascending movement of the price. If the price continue growing, I’m planning to move the stop loss after the market. later I’m going to increase my position.



 
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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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