Fibonacci Retracements Analysis 19.10.2020 (GOLD, USDCHF)

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, XAUUSD is still correcting to the upside after the convergence and has almost reached 38.2% fibo. The next upside targets may be 50.0%, 61.8%, and 76.0% fibo at 1962.00, 1988.40, 2020.30 respectively. If the price completes the pullback there, the asset may start a new decline to reach the low at 1848.67 and then the long-term 38.2% fibo at 1836.50.

In the H1 chart, after the divergence, the descending wave has tested the area close to 61.8% fibo at 1881.00. Judging by the current wave, the asset is not expected to continue falling towards 76.0% fibo at 1869.07. According to the main scenario, the instrument may grow to break the high at 1933.18.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, after finishing a short-term pullback, USDCHF is forming a new descending wave towards 76.0% fibo at 0.9070. This descending wave may easily break the low at 0.8999 and then reach the post-correctional extension area between 138.2% and 161.8% fibo at 0.8885 and 0.8816 respectively.

In the H1 chart, a divergence on MACD made the pair complete the pullback at 50.0% fibo and start a new movement towards the mid-term 76.0% fibo at 0.9070.

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.