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Fibonacci Retracements Analysis XAU/USD, USD/CHF

ByDmitriy Gurkovskiy
Published 21/09/2020, 15:34
USD/CHF
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XAU/USD
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GC
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XAU/USD
As we can see in the H4 chart, XAU/USD is still correcting within the Triangle pattern around 23.6% fibo after the divergence. In this case, the pair has equal chances of breaking the pattern both upwards and downwards. If the price starts a new descending wave, the targets will be 38.2% and 50.0% fibo at 1836.50 and 1763.30 respectively. However, if the pair breaks the pattern to the upside, the instrument may form a new ascending impulse to reach the resistance at the high at 2074.75.
GOLD_H4
In the H1 chart, the local divergence made XAU/USD fall to reach 61.8% fibo at 1932.10. At the moment, the pair is trying to resume trading upwards to reach the local high at 1973.68 but one shouldn’t exclude a possibility of another descending wave, which may be heading towards 76.0% fibo at 1922.60.
GOLD_H1
USD/CHF
As we can see in the H4 chart, the convergence made USD/CHF complete the descending wave at the long-term 38.2% fibo and start a new correction to the upside, which has already reached 23.6% fibo at 0.9210 and may later continue moving towards 38.2%, 50.0%, and 61.8% fibo at 0.9342, 0.9448, and 0.9553 respectively. After finishing the correction, the instrument may resume falling to break the support at 0.8998 and then reach the long-term 50.0% fibo at 0.8706.
USDCHF_H4
In the H1 chart, the asset is consolidating. Possibly, the price may break the low at 0.8998 and then continue falling towards the post-correctional extension area between 138.2% and 161.8% fibo at 0.8899 and 0.8731 respectively.
USDCHF_H1

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