Fibonacci Retracements Analysis 16.04.2018 (GOLD, USDCHF)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the divergence made XAUUSD reverse and start a new descending correction, which has already reached the retracement of 50.0%. The next short-term downside targets may be the retracements of 61.8% and 76.0% at 1329.40 and 1321.20 respectively. If the pair breaks the support level at 1302.04, the mid-term sideways movement may continue. After the price breaks the high at 1366.04, the instrument may continue growing towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1390.00 and 1405.00 respectively.

In the H1 chart, XAUUSD is still being corrected to the downside towards the retracements of 61.8% and 76.0% at 1329.40 and 1321.20 respectively.

USDCHF, “US Dollar vs Swiss Franc”

In the H4 chart, USDCHF is still moving upwards. The next upside targets may be the retracement of 61.8% and 76.0% % at 0.9712 and 0.9832 respectively. The main support level is the current low at 0.9187.

In the H1 chart, the short-term sideways movement is heading towards the local high at 0.9649. if the price breaks this level, the instrument may continue trading towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.9694 and 0.9721 respectively.

RoboMarkets Analytical Department