Fibonacci Retracement Analysis 19.08.2019 (GOLD, USDCHF)
GOLD
On H4, the instrument has formed two divergences upon reaching the long-term level of 61.8%: a long-term divergence and a short-term one. A stable decline to the levels of 23.6% (1472.30), 38.2% (1433.50) and 50.0% (1402.50) may follow, judging by the situation. The resistance is at the maximum of 1535.00.
On H1, the quotations return to the long-term level of 61.8% Fibo after a swift impuse of descending. The closest aim of the new impulse may be at 23.6% (1472.30) Fibo.
USDCHF
On H4, the instrument is developing a correction phase after testing the significant minimum, and a convergence. The correction has reached 38.2% Fibo by now. Further growth may aim at 50.0% (0.9818) and 61.8% (0.9855). A breakaway of the local minimum may be followed by a decline to a post-correctional extension of 138.2-161.8% (0.9586-0.9522).
On H1 the pair is demonstrating an uptrend inside the previous declining wave. The growth is aiming at 50.0% (0.9818) Fibo; at the same time, a local divergence is forming, hinting on a potential for a reversal.
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