Fibonacci Retracements Analysis 20.01.2020 (GOLD, USDCHF)

January 20, 2020

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, there is a correction inside another correction. The first correctional descending wave has reached 38.2% fibo, while the next one may head towards 50.0% and 61.8% fibo at 1530.60 and 1511.80 respectively. After finishing the pullback, the instrument may resume trading upwards to reach the current high at 1611.29 and the post-correctional extension area between 138.2 and 161.8% fibo at 1599.45 and 1625.70 respectively.

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

The H1 chart shows more detailed structure of the correction. The pair is heading towards 38.2% fibo at 1564.80 and may later continue growing to reach 50.0% fibo at 1573.20. the support is the local low at 1535.89.


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






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 pair is intending to continue trading downwards to reach the post-correctional extension area between 138.2 and 161.8% fibo at 0.9520 and 0.9433 respectively. However, considering the convergence on MACD and a slight growth, one can expect a new correctional uptrend. This scenario is valid as long as the instrument hasn’t broken the low at 0.9613.

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

In the H4 chart we can see that the instrument is moving towards 23.6% and 38.2% fibo at 0.9710 and 0.9770 respectively.

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.