Fibonacci Retracements Analysis 22.02.2021 (GOLD, USDCHF)

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

On H4, the wave of decline reached the low of 1764.36 and found its end in a convergence. This might mean the beginning of correctional growth with the aims at 23.6% (1807.50), 38.2% (1836.50), and 50.0% (1859.50) Fibo. In the case the local low of 1760.57 is broken away, the quotations might go on declining towards the long-term level of 38.2% (1725.37).

On H1, there is a wave of growth, correcting the latest wave of decline. By now, the quotations have risen to 38.2% but might go even higher — to 50.0% (1808.00), 61.8% (1819.20), and 76.0% (1832.55) Fibo. The main goal of the growth might be the local fractal of 1855.57.

USDCHF, “US Dollar vs Swiss Franc”

On H4, the pair performed a correctional decline to 61.8% Fibo (0.8868) and formed a new impulse of growth. It is aimed at at the current high of 0.9046; after it is broken away, the quotations might rise to the long-term correctional level of 23.6% (0.9107). However, a bounce off the high is neither excluded. It might lead to another wave of decline to 76.0% (0.8827). The support is at the low of 0.8758.

On H1, there is a divergence forming in a wave of growth to the high. This divergence might signal a new wave of decline to the low of 0.8871 and 76.0% (0.8827) Fibo.

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.