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Fibonacci Retracements Analysis XAU/USD, USD/CHF

ByDmitriy Gurkovskiy
Published 05/10/2020, 13:07
Updated 09/07/2023, 11:32
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 correcting to the upside after finishing the descending wave and has already reached 23.6% fibo but may be over quite soon. Later, the market may resume falling towards 38.2% and 50.0% fibo at 1836.50 and 1736.30 respectively. The resistance remains at the high at 2074.75 but it may relocate to 1927.40 after the asset reaches 38.2% fibo at 1836.50.
GOLD_H4
The H1 chart shows a new descending wave after the local divergence, which has already reached 38.2% fibo. However, if XAU/USD rebounds from this level and then breaks the high at 1917.00, it may reach 61.8% fibo at 1926.00. Still, if the pair fails to rebounds, it may continue falling towards 50.0%, 61.8%, and 76.0% fibo at 1882.80, 1874.85, and 1865.20 respectively. The key target of this wave will be the low at 1848.67.
GOLD_H1
USD/CHF
As we can see in the daily chart, after a test of the long-term 38.2% fibo and the convergence on MACD, USD/CHF has reached 23.6% fibo; right now, it is correcting to the downside. After the correction is over, the asset may resume trading upwards to reach 38.2%, 50.0%, and 61.8% fibo at 0.9472, 0.9617, and 0.9764 respectively. However, an alternative scenario implies that the price may yet break the support at 0.8999 and then reach the long-term 50.0% fibo at 0.8707.
USDCHF_D1
In the H4 chart, the asset is correcting downwards and has already reached 50.0% fibo. After reaching 61.8% fibo at 0.9144, the pair is expected to start a new rising impulse towards the high at 0.9296 or even higher.
USDCHF_H1

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