Fibonacci Retracements Analysis 02.12.2019 (GOLD, USDCHF)

December 2, 2019

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, after finishing the descending wave at 38.2% fibo, XAUUSD is correcting; the first correctional wave has already reached 23.6% fib and may yet continue towards 38.2% and 50.05% fibo 1488.16 and 1501.30 respectively. Completing the correctional uptrend, the instrument may break the local low at 1445.60 and continue falling towards its mid-term target, which is 50.0% fibo at 1413.85.

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

In the H1 chart, the convergence made the pair finish the descending correctional wave, thus indicating a new wave to the upside to reach 38.2% fibo at 1488.16.


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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, after completing the pullback at 50.0% fibo, USDCHF is growing towards the high at 1.0028. If the price breaks this level, the pair may continue growing to reach the long-term target, 76.0% fibo at 1.0098, which is inside the post-correctional extension area between 138.2% and 161.8% fibo at 1.0098 and 1.0143 respectively. At the same time, there is divergence on MACD, which may indicate a possible pullback.

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

In the H1 chart, the divergence made the pair start a new correction to the downside, which has already reached 23.6% fibo. The next correctional targets may be 38.2% and 50.0% fibo at 0.9972 and 0.9956 respectively. The resistance is the high at 1.0023.

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.