Fibonacci Retracements Analysis 09.04.2018 (GOLD, USDCHF)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the pair is trading sideways. In the short-term, the downtrend may continue. The closest downside targets are the low at 1302.93 and then the retracement of 61.8% at 1286.20.
In the H1 chart, XAUUSD is being corrected and has already reached the retracement of 38.2%. The next upside targets may be the retracements of 50.0%, 61.8%, and 76.0% at 1338.30, 1342.70, and 1348.00 respectively. After breaking the short-term high at 1356.84, the instrument may trade to test the long-term one at 1366.04.
USDCHF, “US Dollar vs Swiss Franc”
In the H4 chart, the divergence made USDCHF reverse and start a new decline. The downside targets may be the retracement of 23.6%, 38.2%, and 50.0% % at 0.9540, 0.9472, and 0.9418 respectively. The resistance level is the current high at 0.9649.
In the H1 chart, the situation is similar and confirms the scenario described above.
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