Fibonacci Retracements Analysis 09.09.2019 (GOLD, USDCHF)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, after updating the previous high and attempting to enter the post-correctional extension area between 138.2% and 161.8% fibo at 1555.95 and 1569.17 respectively, XAUUSD has started a new decline, which is now getting close to 38.2% fibo at 1497.40. The next possible targets may be 50.0%, 61.8%, and 76.0% fibo at 1478.60, 1460.25, and 1438.15 respectively.

In the H1 chart, after finishing the descending impulse, the pair is correcting and moving sideways between 23.6% and 38.2% fibo.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, USDCHF continues forming the mid-term uptrend after the convergence. After correcting towards 23.6%, the pair is forming a new rising impulse and testing 38.2% fibo again. The next upside targets may be 50.0% and 61.8% fibo at 0.9948 and 1.0016 respectively.

The H1 chart shows more detailed structure of the current rising correction. USDCHF is forming a rising impulse towards the local high at 0.9929. After breaking it, the price may continue growing to reach the post-correctional extension area between 138.2% and 161.8% fibo at 0.9980 and 1.0010 respectively. The key support is at 0.9797.