Fibonacci Retracements Analysis 29.10.2018 (GOLD, USDCHF)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD has reached the retracement of 38.2%, and right now one can see the divergence. The next upside target may be the retracement of 50.0% at 1262.85. The main support level is at 1183.22.
In the H1 chart, the divergence made the pair start a new descending movement. The possible targets may be the retracements of 23.6%, 38.2%, and 50.0% at 1229.15, 1220.50, and 1213.30 respectively.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, USDCHF has reached the post-correctional extension area between the retracements of 138.2% and 161.8% and right now once can see the divergence, which may indicate a possible pullback soon. At the same time, if the price breaks the high at 1.0026, the instrument may continue trading upwards to reach the retracement of 261.8% at 1.0129.
In the H1 chart, the divergence made the pair reverse and start a new decline to break the short-term support level at 0.9955. The downside targets are the retracements of 23.6%, 38.2% and 50.0% at 0.9912, 0.9841, and 0.9784 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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