Fibonacci Retracements Analysis 17.05.2021 (GOLD, USDCHF)

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the stable uptrend continues as the pair is heading towards 50.0% fibo at 1875.75. After breaking this level, XAUUSD may continue growing to reach 61.8% fibo at 1922.50. However, despite the fact that the current uptrend is quite stable, there is a divergence on MACD, which may hint at a possible pullback. The key support remains the low at 1676.78.

In the H1 chart, after breaking the low and then finishing the descending correction, XAUUSD is forming another rising impulse towards the post-correctional extension area between 138.2% and 161.8% fibo at 1858.90 and 1867.80 respectively. The local support is at 1808.81.

USDCHF, “US Dollar vs Swiss Franc”

In the H4 chart, a convergence made USDCHF reverse after reaching 76.0% fibo and start a new correctional uptrend, which is approaching 23.6% fibo at 0.9101, However, the next descending impulse may be heading towards the low at 0.8986. If the price breaks the low, the instrument may continue falling to reach the fractal low at 0.8871. On the other hand, if the pair rebounds, it may start another rising wave towards 38.2%, 50.0%, and 61.8% fibo at 0.9172, 0.9229, and 0.9286 respectively.

The H1 chart shows that the current decline is slowing down and may soon be followed by a further uptrend.

Article By RoboForex.com

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