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Fibonacci Retracements Analysis XAU/USD, USD/CHF

ByDmitriy Gurkovskiy
Published 28/09/2020, 12:27
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 has finished the correction by breaking the Triangle pattern downwards; after reaching 38.2% fibo at 1836.50, the pair has failed to break it yet, which may indicate a possible local pullback. If the price breaks 38.2% fibo, it may continue falling to reach 50.0% and 61.8% fibo at 1763.30 and 1690.00 respectively. The resistance remains at the high at 2074.75.
GOLD_H4
In the H1 chart, the pair is forming a short-term pullback. The local convergence made XAU/USD reach 23.6% fibo but after a rebound from the low it may resume trading upwards to reach 38.2% and 50.0% fibo at 1891.25 and 1904.45 respectively. If the asset breaks the support, which is the local low at 1848.69, the instrument may complete the pullback.
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 broken 23.6% fibo and may continue moving towards 38.2% fibo at 0.9343. After that, there might be a slight correction to the downside, which may be followed by further growth towards 50.0% and 61.8% fibo at 0.9449 and 0.9554 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 moving upwards but the MACD indicator is forming a divergence at the same time, which hints at a possible pullback after the pair reaches the target at 38.2% fibo at 0.9343; possible correctional targets are 23.6%, 38.2%, and 50.0% fibo at 0.9273, 0.9231, and 0.9196 respectively.
USDCHF_H1

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