Fibonacci Retracements Analysis 06.12.2021 (GOLD, USDCHF)

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

In the H4 chart, after growing and reaching 50.0% fibo, XAUUSD is correcting downwards. Convergence on MACD indicates that the correction may be over soon. In this case, 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 forming the first rising wave after convergence on MACD, which has almost tested 23.6% fibo at 1789.00 and may later continue towards 38.2%, 50.0%, 61.8%, and 76.0% fibo at 1805.80, 1819.42, 1833.00, and 1849.30 respectively. The key upside target is the current high at 1877.09, while the support is at 1761.79.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, after updating its previous high, the asset started a new descending correction, which has almost reached 76.0% fibo and may later continue towards the high at 0.9374. A breakout of the high 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 remains at 0.9085.

In the H1 chart, convergence on MACD made the pair stop falling and start a rather volatile rising impulse, which has reached 50.0% fibo. At the moment, the price is moving sideways. The local support is at 0.9157. The current situation doesn’t exclude a possibility of a further decline towards the above-mentioned support but the main scenario implies another growth to reach 61.8% and 76.0% fibo at 0.9291 and 0.9322 respectively.

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.