Fibonacci Retracements Analysis 21.09.2020 (GOLD, USDCHF)

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XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, XAUUSD is still correcting within the Triangle pattern around 23.6% fibo after the divergence. In this case, the pair has equal chances of breaking the pattern both upwards and downwards. If the price starts a new descending wave, the targets will be 38.2% and 50.0% fibo at 1836.50 and 1763.30 respectively. However, if the pair breaks the pattern to the upside, the instrument may form a new ascending impulse to reach the resistance at the high at 2074.75.

In the H1 chart, the local divergence made XAUUSD fall to reach 61.8% fibo at 1932.10. At the moment, the pair is trying to resume trading upwards to reach the local high at 1973.68 but one shouldn’t exclude a possibility of another descending wave, which may be heading towards 76.0% fibo at 1922.60.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the convergence made USDCHF complete the descending wave at the long-term 38.2% fibo and start a new correction to the upside, which has already reached 23.6% fibo at 0.9210 and may later continue moving towards 38.2%, 50.0%, and 61.8% fibo at 0.9342, 0.9448, and 0.9553 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.

In the H1 chart, the asset is consolidating. Possibly, the price may break the low at 0.8998 and then continue falling towards the post-correctional extension area between 138.2% and 161.8% fibo at 0.8899 and 0.8731 respectively.

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.