Fibonacci Retracements Analysis 10.02.2020 (GOLD, USDCHF)

February 10, 2020

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, after re-testing 38.2% fibo, XAUUSD has stopped the descending wave in order to start a new correctional uptrend. One of the possible scenarios implies that the pair may break the current high at 1611.29 and reach the post-correctional extension area between 138.2 and 161.8% fibo at 1599.45 and 1625.70 respectively. However, the major scenario suggests that the instrument may continue its decline towards 50.0% and 61.8% fibo at 1530.60 and 1511.80 respectively.

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

In the H1 chart, the correctional uptrend has reached 61.8% fibo and may yet continue towards 76.0% fibo at 1582.27. However, if the price resumes falling towards the support at 38.2% fibo, the pair may continue trading downwards to reach the low at 1547.42. In case of a breakout, the mid-term decline may continue.


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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”

The H4 chart shows a new rising wave, which followed the previous descending impulse. By now, the wave has already reached 38.2% fibo. The next upside targets may be 50.0% and 61.8% fibo at 0.9818 and 0.9866 respectively. The support is the low at 0.9613.

USDCHF_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, there is a divergence on MACD within the uptrend, which may indicate a possible pullback soon. The targets may be 23.6%, 38.2%, and 50.0% fibo at 0.9746, 0.9724, and 0.9705 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.