Fibo Analysis for GOLD and USD/CHF: July 23, 2018
GOLD
On H4, the latest downtrend ended with a convergence and a correction to 23.6% Fibo. The next correctional upward movement landmarks may lie at 38.2%, or 1248.60, 50.0%, or 1260.20, and at 61.8%, or 1272.00. The local low at $1,211.37 acts as a support.
On H1, there's mire technical information on gold. After the low gets broken out, the price may head into the post correctional extension between 138.2% and 161.8 FIbo, or $1,202.20-$1,196.65.
USD/CHF
On H4, the USD/CHF is forming a correctional downtrend towards 61.8%, or 0.9895, and 76.0%, or 0.9856. The key support is at 0.9789, the resistance lies at 1.0068.
On H1, the USD/CHF continues its downtrend.
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