Fibonacci Retracements Analysis 05.08.2019 (GOLD, USDCHF)
XAUUSD, “Gold vs US Dollar”
In the H4 chart, after finishing the short-term correction towards 23.6% fibo, XAUUSD is trying to break the high. The upside target is long-term 61.8% fibo at 1510.00. At the same time, there is a divergence, which means that the current rising tendency may be weak.
As we can see in the H1 chart, the pair is forming a new rising impulse. After finishing another correction, the impulse has reached the post-correctional extension area between 138.2% and 161.8% fibo. The key support is long-term 50.0% fibo at 1421.10.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the divergence made USDCHF plunge, by now, it has already broken 61.8% fibo and may continue falling towards 76.0% fibo at 0.9762. The key downside target is the mid-term low at 0.9694. The resistance is 50.0% fibo at 0.9834.
In the H1 chart, the pair is steadily trading downwards to reach 76.0% fibo at 0.9762.
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