Fibonacci Retracements Analysis 07.09.2020 (GOLD, USDCHF)

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

On H4, the quotations keep narrowing, forming a Triangle. This movement should be interpreted as a correction after a swift uptrend and a divergence. The Triangle is forming around 23.6% Fibo. A breakaway of the lower border of the Triangle may provoke another wave of a deeper decline, which may be aimed at 38.2% (1836.50), 50.0% (1762.92), and 61.8% (1689.50). The resistance is still at 2074.75.

On H1, the quotations, upon declining to the lower border of the pattern, formed a convergence and performed a correctional bounce. By now, the quotations have risen to 23.6% Fibo, and then the growth may continue to 38.2% (1945.30) and 50.0% (1954.30). Breaking away the low of 1916.17, the quotations may form a downtrend.

USDCHF, “US Dollar vs Swiss Franc”

On H4, upon declining to the long-term level of 38.2% Fibo and a convergence, the market is beginning to grow, correcting the last wave of decline. By now, the quotations have risen to 23.6%,and later on may proceed to 38.2% (0.9210), 50.0% (0.9275), and 61.8% (0.9340). After the pullback, the downtrend will be aiming at breaking away the support line at 0.8998, and may head for the long-term level of 50.0% (0.8706).

On H1, the market is developing a correctional uptrend. Breaking away the last high, the quotations are pulling back to 23.6%, the next aim of the growth being 38.2% (0.9210).

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.