Fibonacci Retracements Analysis 10.08.2020 (GOLD, USDCHF)

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the daily chart, after breaking the previous high, XAUUSD is starting to fall. The target of the current pullback may be at 1920.66. After completing the pullback, the instrument may resume trading upwards to reach its next upside targets inside the post-correctional extension area between 138.2% and 161.8% fibo at 2254.60 and 2460.00 respectively.

The H4 chart shows a more detailed structure of the current correctional downtrend after the divergence. The downside targets are at 23.6%, 38.2%, and 50.0% fibo at 1979.50, 1919.50, and 1872.70 respectively. However, if the price breaks the high at 2974.75, the uptrend will continue.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the current descending tendency has stopped at the long-term 38.2% fibo at 0.9092. In the nearest future, USDCHF is expected to correct but later it 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 new rising movement, which has already reached 23.6% fibo and may later continue towards 38.2%, 50.0%, and 61.8% fibo at 0.9210, 0.9259, and 0.9308 respectively. However, if the price breaks the low at 0.9050, 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.