Fibonacci Retracements Analysis 03.10.2013 (EUR/USD, USD/CHF)
03.10.2013
Analysis for October 3rd, 2013
EUR/USD
It looks like the EUR/USD currency pair isn’t going to make a reverse. We can’t exclude a possibility that the price may continue growing up towards the target area. If the price rebounds from the upper levels, the market may start a deep correction.
At the H1 chart we can see, the temporary fibo-zones indicated the exact point of a local reverse. During a local correction, I opened a short-term buy order. There is a possibility that the pair may test the target area on Thursday.
USD/CHF
Franc is again moving close to the predicted levels. If later the price rebounds from the level of 78.6%, the bulls will start a correction. However, if the price breaks it, the bears will continue pushing the pair downwards.
At the H1 chart, the price is getting closer to the temporary fibo-zone, where it may later make a reverse. Right now, I’m staying out of the market, but I’m planning to open buy orders after the price rebounds from the lower levels.
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.