Fibonacci Retracements Analysis 06.04.2020 (GOLD, USDCHF)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after completing a slight correction, XAUUSD is trying to start a new rising impulse towards 76.0% fibo, which was tested earlier. If the pair fixes above this level, the price may reach the high at 1703.17 and break it. In this case, the instrument may trade to attack the long-term 76.0% fibo at 1708.85. The support remains at 1451.18.
In the H1 chart, there was a local divergence, which made the pair start a new pullback, which has already reached 38.2% fibo. At the moment, the price is steadily trading towards the high at 1643.07. However, one shouldn’t exclude the possibility of a rebound. In this case, the instrument may start a new decline towards 50.0% fibo at 1549.10.
USDCHF, “US Dollar vs Swiss Franc”
In the H4 chart, the descending wave has corrected the previous uptrend by 50.0%. Another ascending wave may be heading to break the high at 0.9901. If it succeeds, the instrument may continue growing towards 76.0% fibo at 0.9982 and then the high at 1.0236.
In the H1 chart, there is a local divergence within the uptrend, which indicates a slowdown in the price growth on its way towards 61.8% fibo. After reaching this level, the pair may start a new pullback.
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