Fibonacci Retracements Analysis 24.01.2022 (GOLD, USDCHF)

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the daily chart, XAUUSD is still forming another rising wave within the uptrend and may soon reach 50.0% fibo. Later, 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 short-term correction to the downside after the previous ascending impulse, which earlier reached 76.0% fibo. After the pullback is over, the asset may grow to 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 is falling towards the support at 0.9085; it may soon re-test this area and rebound from it. However, the price breaks it, the instrument 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 testing the low at 0.9092 and has already reached 23.6% fibo. Later, the market may continue growing towards 38.2%, 50.0%, and 61.8% fibo at 0.9200, 0.9233, and 0.9266 respectively. If USDCHF breaks the local low at 0.9092, it may continue falling to reach the key one at 0.9085.

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.