Fibonacci Retracements Analysis 03.08.2020 (GOLD, USDCHF)

2020-08-03 17:02    RoboForex

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, MACD is forming a divergence, which may indicate a possible correction to the downside with the targets at 23.6%, 38.2%, and 50.0% fibo at 1915.25, 1868.20, and 1830.20 respectively. The resistance is the high at 1990.68. The next upside targets are inside the post-correctional extension area between 138.2% and 161.8% fibo at 2254.60 and 2460.00 respectively.

Fibonacci Retracements Analysis 03.08.2020 (GOLD, USDCHF) Institution Opinions 1
Fibonacci Retracements Analysis 03.08.2020 (GOLD, USDCHF) Institution Opinions 2

In the H1 chart, after breaking the previous high, the pair is still moving upwards. Later, the market may break the high at 1990.68 and then reach the post-correctional extension area between 138.2% and 161.8% fibo at 2009.25 and 2026.85 respectively. However, a breakout of the low at 1906.57 will indicate a correction.

Fibonacci Retracements Analysis 03.08.2020 (GOLD, USDCHF) Institution Opinions 3
Fibonacci Retracements Analysis 03.08.2020 (GOLD, USDCHF) Institution Opinions 4

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the pair has reached the long-term 38.2% fibo at 0.9092. In the future, USDCHF may continue its decline towards the post-correctional extension area between 138.2% and 161.8% fibo at 0.8899 and 0.8730 respectively and the long-term 50.0% fibo at 0.8707. The resistance is at 0.9350.


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 stop the descending wave and start a correction to the upside, which has already reached 23.6% fibo and may later continue towards 38.2%, 50.0%, and 61.8% fibo at 0.9214, 0.9262, and 0.9311 respectively. However, if the price breaks the low at 0.9056, the mid-term downtrend will continue.

USDCHF_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Gold

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