Fibonacci Retracements Analysis 08.07.2019 (GOLD, USDCHF)
XAUUSD, “Gold vs US Dollar”
In the H4 chart, XAUUSD tried to form a new rising impulse to update the high, but faced the strong resistance from bears, which made the pair return to the local low. As a result, the price may yet continue the correction towards 38.2% and 50.0% fibo at 1374.30 and 1354.34 respectively. The resistance is the high at 1438.97. If the pair breaks it, the instrument may continue growing towards long-term 618% fibo at 1510.00.
As we can see in the H1 chart, the pair is trading between the high and the target Fibonacci retracement, 38.2% at 1374.30.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, after reaching 50.0% fibo, USDCHF is forming a new correctional uptrend, which is heading towards the resistance at 23.6% fibo at 0.9989. After completing the pullback, the price may fall towards 61.8% fibo at 0.9588.
In the H1 chart, the uptrend continues. At the same time, there is a divergence on MACD, which may indicate a possible reverse soon. If the pair breaks the local support at 38.2% fibo at 0.9835, the instrument may start a new wave to the downside.
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