Fibonacci Retracements Analysis 22.04.2019 (GOLD, USDCHF)

April 22, 2019

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, XAUUSD is forming a new descending impulse, which has already reached the retracement of 50.0%. At the same time, there is a convergence on MACD, which may indicate a new pullback towards the local resistance at 1289.20. After finishing the pullback, the instrument may start another descending impulse to reach the retracement of 61.8% at 1253.65.

GOLD1
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 start a new rising correction, which is getting close to the retracement of 23.6% at 1280.50. The next upside target may be the retracements of 38.2% and 50.0% at 1286.25 and 1290.80 respectively. The support is tat 1271.14.


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GOLD2
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, USDCHF is testing its mid-term high to break it. In case the price succeeds and fixes above it, the instrument may continue growing to reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.0247 and 1.0306 respectively. The support is the retracement of 76.0% at 1.0088.

USDCHF1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the pair is testing the high and may start a new short-term pullback after it. The downside targets may be the retracement of 23.6%, 38.2%, and 50.0% at 1.0120, 1.0097, and 1.0078 respectively. The resistance level is the local high at 1.0159.

USDCHF2

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.