Fibonacci Retracements Analysis 08.02.2021 (GOLD, USDCHF)

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

In the H4 chart, after breaking the consolidation range, XAUUSD has updated its previous local low but right now, it is starting a new pullback. A breakout of the range may lead to a further downtrend towards the low at 1764.36 and then the long-term 38.2% fibo at 1725.37.

The H1 chart shows a new rising correction after the previous descending wave, which is approaching 38.2% fibo at 1819.50. In the short-term, the asset may continue growing towards 50.0% and 61.8% fibo at 1830.20 and 1840.79 respectively. The local support here is the low at 1784.93.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the daily chart, USDCHF continues correcting to the upside after a convergence on MACD. At the moment, the pair is approaching 23.6% fibo at 0.9106 and may later continue growing to reach 38.2% and 50.0% fibo at 0.9322 and 0.9495 respectively.

In the H1 chart, a divergence on MACD made the pair stop its growth at 61.8% fibo (0.9026) and start a new a local correction to the downside, which may reach the support area at 50.0% fibo (0.8975). After completing the correction, the asset may resume growing towards 76.0% fibo at 0.9087.

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.