Fibonacci Retracements Analysis 17.01.2022 (GOLD, USDCHF)

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the daily chart, XAUUSD is forming another rising wave within the uptrend after convergence on MACD; the previous wave has tested 50.0% fibo. In this case, the pair is expected to continue the uptrend to reach 61.8% and 76.0% fibo at 1908.00 and 1969.50 respectively. The key support remains at the low at 1638.76.

The H1 chart shows a correction to the upside; it’s been the third time the price is trying to test and break 61.8% fibo. After breaking this level, the asset may grow to reach 76.0% fibo at 1847.30 and then the local high at 1877.09. The local support is at 1752.50.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the asset has rebounded from the support at 0.9085 and may soon start a new correction before another attempt to attack the support. If the pair finally breaks it, the price may continue falling towards the post-correctional extension area between 138.2% and 161.8% fibo at 0.8975 and 0.8907 respectively. The key resistance is the high at 0.9374.

The H1 chart shows that the pair is moving upwards after convergence on MACD; it has already reached 23.6% fibo and may later continue towards 38.2%, 50.0%, and 61.8% fibo at 0.9200, 0.9233, and 0.9266 respectively. The local support is the low at 0.9092.

Article By RoboForex.com

Attention!
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.