Fibonacci Retracements Analysis 15.07.2019 (GOLD, USDCHF)
GOLD
On the daily timeframe the instrument is demonstrating further correction and consolidation in the shape of a Triangle. Amplification of the correction channel up to the local support at 38.2% (1322.00) Fibo is possible but not likely. A breakthrough of the upper border of the Triangle and of the maximum at 1438.91 seems more likely. Further growth will be aiming at the long-term target level 61.8% (1510.00).
On H4 gold demonstrated potential for amplification of the correction zone up to 38.2% (1374.00) and 50.0% (1354.00) Fibo. However, such movement might be possible only after overcoming the lower border of the current channel.
USDCHF
On the daily timeframe USDCHF demonstrates the end of the correction growth upon reaching 61.8% Fibo. Currently, the market is forming another declining wave to the minimum at 0.9693; after the breakthrough the quotations may head for the mid-term goal at 61.8% (0.9587). Resistance is at 23.6% (0.9989) compared to the previous long-term ascending trend.
On H1 the instruent is developing a descending trend after a divergence. It is now nearing 50,0%(0.9822) Fibo; however, the forming convergence suggests a pullback to 0.9890.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is intended for our customers, and is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.