Fibonacci Retracements Analysis 27.08.2018 (GOLD, USDCHF)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD is being corrected upwards and has already reached the retracement of 23.6%. The next possible upside targets may be the retracements of 38.2%, 50.0%, and 61.8% at 1217.00, 1235.00, and 1252.00 respectively. The main support level is the low at 1160.13.
In the H1 chart, the uptrend is moving towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1208.50 and 1213.00 respectively.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the correctional downtrend continues. After reaching the retracement of 23.6%, USDCHF may continue falling towards the retracements of 38.2% and 50.0% at 0.9733 and 0.9682 respectively. The resistance level is the high at 1.0068.
In the H1 chart, the convergence made the pair reverse and start a new correction, which is getting closer to the retracement of 38.2% at 0.9869. Later, the instrument may reach the retracement of 50.0% at 0.9888. The support level is the low at 0.9808.
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