Fibonacci Retracements Analysis 24.12.2018 (GOLD, USDCHF)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the long-term correctional uptrend continues; it has already reached the retracement of 50.0%. The next upside target may be the retracement of 61.8% at 1287.00. At the same time, there is divergence at MACD, which may indicate a reverse after the price reaches the target. The local support level is at 1208.68.
In the H1 chart, after reaching the retracement of 50.0%, the pair started a new correction to the upside. If the price breaks the high at 1266.47, the instrument may trade towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1271.21 and 1274.15 respectively.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, after USDCHF reached the retracement of 50.0% at 0.9835, the convergence made it reverse and start a new rising impulse. The local resistance is at 0.9990, the key one – the high at 1.0128.
The H1 chart shows more detailed structure. The pair has already reached the retracement of 38.2% and may continue trading towards the retracements of 50.0%, 61.8%, and 76.0% at 0.9984, 1.0019, and 1.0059 respectively.
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.
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