Fibonacci Retracements Analysis 17.06.2013 (EUR/USD, USD/CHF)

17.06.2013

Analysis for June 17th, 2013

EUR/USD

Considering that Euro hasn’t rebounded from the level of 61.8% and continues consolidating near it, there is a strong possibility that the price may start a new ascending movement. In this case, the target will be the level of 78.6%, where there are several more fibo-levels.



The previous temporary target at the H1 chart indicates the start of a new correction, but not a possible reverse. According to the analysis of the temporary fibo-zones, the level of 1.3500 may be reached by Wednesday. Most likely, the market will break the maximum during the next several hours.



USD/CHF

In case of Franc, the current ascending movement also doesn’t looks like a reverse. We can’t exclude a possibility that the price may continue falling down and the bears may reach a new minimum. The target area is at the level of 0.9050, where there are four different fibo-levels.



According to the analysis of the temporary fibo-zones at the H1 chart, predicted targets may be reached by Wednesday. During a correction, I opened a short-term sell order. If later the price rebounds from the lower levels, Franc may start a new correction.



 
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