Fibonacci Retracements Analysis 31.01.2022 (GOLD, USDCHF)

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, after attempting to reach the high at 1877.09, XAUUSD is forming a steady wave to the downside and has already returned to 38.2% fibo tested earlier. The next downside targets may be 61.8% and 76.0% fibo at 1730.00 and 1696.10 respectively.

The H1 chart shows a short-term correction to the downside after the previous ascending impulse, which earlier broke 61.8% fibo. After the pullback is over, the asset may fall towards 76.0% fibo at 1776.85 and then the low at 1752.50. The local resistance is at 1853.78.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, after testing the support at 0.9085, the asset is steadily growing and has already reached 76.0% fibo. The key resistance and upside target are the high at 0.9374. if the price breaks it, the instrument may continue growing towards the post-correctional extension area between 138.2% and 161.8% fibo at 0.9482 and 0.9548 respectively. The support is at 0.9092.

The H1 chart shows that the pair is moving sideways after skyrocketing earlier. The short-term correctional targets are 23.6% and 38.2% fibo at 0.9284 and 0.9250 respectively. If USDCHF breaks the local high at 0.9338, it may continue growing to reach the key one at 0.9374.

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.