Fibonacci Retracements Analysis 04.12.2014 (EUR/USD, USD/CHF)

04.12.2014

Analysis for December 4th, 2014

EUR USD, “Euro vs US Dollar”

The price has rebounded from local retracement 61.8% several times and started a new descending movement. The closest target is still the group of lower fibo-levels: after reaching them, the pair may start a longer and more serious correction. I’m holding two sell orders.



At the H1 chart, Eurodollar was supported by several local retracements. Later the market reached a new local low. 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% allowed bulls to return to the market. The market has reached its first target, but later it is expected to move towards the group of fibo-levels close to 0.9800. I’m moving my stop losses after the market.



At the H1 chart, the pair is moving upwards quite steadily. Probably, after completing a local correction, the market may reach a new high. Possibly, Franc may start a more serious pullback from the upper levels.



 
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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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