Fibonacci Retracements Analysis 20.10.2014 (EUR/USD, USD/CHF)

20.10.2014

Analysis for October 20th, 2014

EUR USD, “Euro vs US Dollar”

Eurodollar is still consolidating. Earlier the market was just several pips shy to reach a correctional retracement 78.6%. If in the nearest future the pair is able to stay below retracement 50 % (1.2745), the price will resume falling towards  the group of lower fibo-levels at 1.2435 – 1.2425.



As we can see at the H1 chart, the lower targets are confirmed by local retracements. I’m still holding one sell order so far, but later I’m planning to increase my position. I’ll move the stop loss to breakeven as soon as the pair breaks the minimum.




USD CHF, “US Dollar vs Swiss Franc”

After rebounding from retracement 78.6% and several less important levels, Franc has started consolidating. The target for bulls is still the group of upper fibo-levels. Possibly, after reaching this target area, the pair may start a deeper and more serious correction.



At H1 chart, we can see that the predicted upper target area is confirmed by several additional retracements. I’ve got only one buy order so far, but I’m planning to open another one after the market breaks a local high (0.9560).



 
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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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