Fibonacci Retracements Analysis 24.10.2014 (EUR/USD, USD/CHF)

24.10.2014

Analysis for October 24th, 2014

EUR USD, “Euro vs US Dollar”

The rebound from a correctional retracement 78.6% was a reason for a new descending movement. Considering that the pair is already moving below retracement 38.2% (1.2688), after a local correction it may continue falling towards the group of lower fibo-levels at 1.2435 – 1.2425.



At the H1 chart, the predicted target area is confirmed by local retracements. After reaching them, the pair may start a more serious correction. I’ve managed to move the stop loss on my sell order, which I opened earlier, to breakeven. In the nearest future, the market may test a local retracement 38.2%: if the market rebounds from it, the pair may continue moving downwards.




USD CHF, “US Dollar vs Swiss Franc”

After rebounding from retracement 78.6% and several less important levels, Franc is attempting to resume growing inside the main uptrend. The target for bulls is the group of upper fibo-levels.



During a local correction, I’ve opened an additional buy order. In the near term, Franc may test a local retracement 38.2%: if the market rebounds from it, the pair may resume moving upwards. At the H1 chart, the upper targets are confirmed by several local retracements.



 
RoboForex Analytical Department

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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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