Fibonacci Retracements Analysis 23.08.2013 (EUR/USD, USD/CHF)

23.08.2013

Analysis for August 23rd, 2013

EUR/USD

Yesterday Euro rebounded from the local correctional level of 61.8%. It looks like the pair is starting a new ascending movement. The short-term target is in the area formed by the levels of 161.8%, 78.6%, and 50%.



At the H1 chart we can see, that the temporary fibo-zones indicated the exact point where the price completed a descending correction. I’ve got only one buy order so far, but later I’m planning to increase my position. The pair may break the maximum during the next several hours.



USD/CHF

On Thursday, Franc rebounded from the level of 50%; it looks like the bears are back and may start pushing the price downwards quite soon. The target is in the area formed by the levels of 138.2%, 161.8%, and 61.8%.



As we can see at the H1 chart, the temporary fibo-zones indicated the exact moment when the price made a local reverse. Now the target is inside the next temporary zone. The bears may reach the level of 0.9050 in the beginning of the next week.



 
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