Fibonacci Retracements Analysis 31.10.2014 (EUR/USD, USD/CHF)

31.10.2014

Analysis for October 31st, 2014

EUR USD, “Euro vs US Dollar”

After rebounding from a local retracement 61.8% several times, Eurodollar is starting a new descending movement. The main target is still the group of lower fibo-levels at 1.2435 – 1.2425. I’m planning to open an additional sell order during a correction.



At the H1 chart, the lower targets are confirmed by several local retracements. Yesterday, the pair rebounded from retracement 38.2% and then reached a new low. The short-term forecast is still bearish.




USD CHF, “US Dollar vs Swiss Franc”

Franc continues moving towards its high. Earlier the price rebounded from retracement 61.8% and resumed growing. The target for bulls is the group of upper fibo-levels.



At the H1 chart, the upper targets are confirmed by several local retracements. I’ve already moved the stop loss on my buy order opened earlier to breakeven. I’m planning to open an additional buy order during a correction.



 
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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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