Analysis for October 26th, 2016
The EUR/USD pair rebounded from the 2/8 level several times and may start a new ascending correction. The closest target is at the 3/8 level. If the price rebounds from this level, the market may resume its descending movement.
EUR USD, “Euro vs US Dollar”
At the H1 chart, the current decline was stopped by the 0/8 level and then the price returned to the 1/8 one. It’s highly likely that in the nearest future the market may test the 2/8 level. If the pair rebounds from this level and later fixes below Super Trends, it may resume falling.
At the H4 chart, the USD/CHF pair couldn’t fix above the 7/8 level and may soon start a new correction. The closest target for bears is at the 6/8 level. If later the price rebounds from this level, the market may resume moving upwards.
USD CHF, “US Dollar vs Swiss Franc”
At the H1 chart, the pair wasn’t able to fix above the 7/8 level as well. During the day, the price may fall towards the 4/8 level. The future scenario depends on how the pair will move there. If it rebounds from this levels and stays above Super Trends, I’m planning to increase my long position.
RoboForex Analytical Department
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