Fibonacci Retracements Analysis 05.08.2019 (GOLD, USDCHF)

August 5, 2019

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

In the H4 chart, after finishing the short-term correction towards 23.6% fibo, XAUUSD is trying to break the high. The upside target is long-term 61.8% fibo at 1510.00. At the same time, there is a divergence, which means that the current rising tendency may be weak.

GOLD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

As we can see in the H1 chart, the pair is forming a new rising impulse. After finishing another correction, the impulse has reached the post-correctional extension area between 138.2% and 161.8% fibo. The key support is long-term 50.0% fibo at 1421.10.


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GOLD_H1
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 divergence made USDCHF plunge, by now, it has already broken 61.8% fibo and may continue falling towards 76.0% fibo at 0.9762. The key downside target is the mid-term low at 0.9694. The resistance is 50.0% fibo at 0.9834.

USDCHF_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the pair is steadily trading downwards to reach 76.0% fibo at 0.9762.

USDCHF_H1

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.