Fibonacci Retracements Analysis 29.11.2021 (GOLD, USDCHF)

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XAUUSD, “Gold vs US Dollar”

In the H4 chart, XAUUSD is correcting downwards. After the correction is over, the next upside targets may be 61.8% and 76.0% fibo at 1908.00 and 1969.50 respectively. The key support is the low at 1638.76.

As we can see in the H1 chart, the pair is moving upwards after convergence on MACD. At the same time, there is a possibility that the descending correction may yet continue to break the low at 1773.58 and then reach 76.0% fibo at 1759.10. So far, the first rising impulse is testing 23.6% fibo at 1798.04 and may later continue towards 38.2%, 50.0%, 61.8%, and 76.0% fibo at 1813.21, 1825.35, 1837.49, and 1852.13 respectively. The key upside target is the current high at 1877.09.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, after breaking the high at 0.9368 but failing to continue its growth, the asset started a new correction, which has already reached 50.0% fibo and may later continue towards 61.8% and 76.0% fibo at 0.9196 and 0.9155 respectively. On the other hand, a breakout of the high at 0.9374 will result in a further uptrend towards the post-correctional extension area between 138.2% and 161.8% fibo at 0.9474 and 0.9541 respectively. The key support is at 0.9085.

In the H1 chart, after completing the correctional decline and breaking 23.6% fibo, the pair is growing to reach 38.2%, 50.0%, 61.8%, and 76.0% fibo at 0.9276, 0.9295, 0.9313, and 0.9336 respectively. The local support is at 0.9215.

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.