Fibonacci Retracements Analysis 03.08.2020 (GOLD, USDCHF)

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XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, MACD is forming a divergence, which may indicate a possible correction to the downside with the targets at 23.6%, 38.2%, and 50.0% fibo at 1915.25, 1868.20, and 1830.20 respectively. The resistance is the high at 1990.68. The next upside targets are inside the post-correctional extension area between 138.2% and 161.8% fibo at 2254.60 and 2460.00 respectively.

In the H1 chart, after breaking the previous high, the pair is still moving upwards. Later, the market may break the high at 1990.68 and then reach the post-correctional extension area between 138.2% and 161.8% fibo at 2009.25 and 2026.85 respectively. However, a breakout of the low at 1906.57 will indicate a correction.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the pair has reached the long-term 38.2% fibo at 0.9092. In the future, USDCHF may continue its decline towards the post-correctional extension area between 138.2% and 161.8% fibo at 0.8899 and 0.8730 respectively and the long-term 50.0% fibo at 0.8707. The resistance is at 0.9350.

In the H1 chart, the convergence made the pair stop the descending wave and start a correction to the upside, which has already reached 23.6% fibo and may later continue towards 38.2%, 50.0%, and 61.8% fibo at 0.9214, 0.9262, and 0.9311 respectively. However, if the price breaks the low at 0.9056, the mid-term downtrend will continue.

Article By RoboForex.com

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.