Fibonacci Retracements Analysis 09.07.2018 (GOLD, USDCHF)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after the pair reached the retracement of 261.8%, the convergence made the price reverse and start a new uptrend. The possible upside targets are the retracements of 38.2%, 50.0% and 61.8% at 1265.20, 1273.60, and 1282.00 respectively. The support level is at 1273.86.
In the H1 chart, the pair is forming a new rising impulse towards 1265.20.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, USDCHF is still trading sideways. The current descending impulse is heading towards the support level at 0.9852. If one considers the current movement as a mid-term correction to the downside, then the next targets may be the retracements of 38.2% and 50.0% at 0.9780 and 0.9696 respectively. The main resistance level is the local high at 0.9992.
In the H1 chart, the pair is falling towards 0.9852.
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