Fibonacci Retracements Analysis 12.08.2019 (GOLD, USDCHF)

August 12, 2019

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the daily chart, XAUUSD has completed the strong rising impulse and reached 61.8% fibo. At the same time, there is a divergence on MACD, which may signal a new descending correction. The possible downside targets are 23.6%, 38.2%, and 50.0% fibo at 1453.30, 1418.55, and 1390.05 respectively. The resistance is the high at 1510.35.

GOLD_D1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the pair is trading inside the sideways channel, which may start a deeper correction. The key targets of this correction may be 23.6%, 38.2%, 50.0%, and 61.8% fibo at 1484.36, 1468.46, 1455.29, and 1442.40 respectively.


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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 daily chart, the descending impulse has stopped near the significant low. However, this slowdown may be considered as a pullback to test the low. The resistance is 61.8% fibo at 0.9802. After breaking the low, the instrument may continue falling towards the post-correctional extension area between 138.2% and 161.8% fibo at 0.9586 and 0.9522 respectively.

USDCHF_D1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H4 chart, the local convergence made the pair start a new pullback, which has already reached 23.6% fibo and may yet continue towards 38.2% and 50.0% fibo at 0.9800 and 0.9834 respectively. The support is the low at 0.9692.

USDCHF_H4

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.