Fibonacci Retracements Analysis 08.10.2018 (GOLD, USDCHF)

October 8, 2018

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, after being corrected downwards by 61.8%, XAUUSD has formed a new rising impulse. In case the descending impulse continues, the target will be the retracement of 76.0% at 1173.00. However, if the pair breaks the high at 1214.28, the instrument may move upwards to reach the retracement of 38.2% at 1238.40.

GOLD1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the pair is forming a short-term descending correction, which is heading towards the retracement of 61.8% at 1193.60. The main resistance level is the high at 1208.22.


Get our Weekly Commitment of Traders Report: - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.




Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter






GOLD2
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

 

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the uptrend has reached the retracement of 76.0%. At the same time, one can see the divergence being formed, which may indicate a possible pullback. After that, the instrument may break the high at 0.9955 and then continue trading upwards to reach the resistance level at 1.0068.

USDCHF1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the divergence made USDCHF start a new decline. The possible targets ate the retracements of 23.6%, 38.2% and 50.0% at 0.9858, 0.9798, and 0.9748 respectively.

USDCHF2
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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.