Fibonacci Retracements Analysis 07.09.2020 (GOLD, USDCHF)
XAUUSD, “Gold vs US Dollar”
On H4, the quotations keep narrowing, forming a Triangle. This movement should be interpreted as a correction after a swift uptrend and a divergence. The Triangle is forming around 23.6% Fibo. A breakaway of the lower border of the Triangle may provoke another wave of a deeper decline, which may be aimed at 38.2% (1836.50), 50.0% (1762.92), and 61.8% (1689.50). The resistance is still at 2074.75.
On H1, the quotations, upon declining to the lower border of the pattern, formed a convergence and performed a correctional bounce. By now, the quotations have risen to 23.6% Fibo, and then the growth may continue to 38.2% (1945.30) and 50.0% (1954.30). Breaking away the low of 1916.17, the quotations may form a downtrend.
USDCHF, “US Dollar vs Swiss Franc”
On H4, upon declining to the long-term level of 38.2% Fibo and a convergence, the market is beginning to grow, correcting the last wave of decline. By now, the quotations have risen to 23.6%,and later on may proceed to 38.2% (0.9210), 50.0% (0.9275), and 61.8% (0.9340). After the pullback, the downtrend will be aiming at breaking away the support line at 0.8998, and may head for the long-term level of 50.0% (0.8706).
On H1, the market is developing a correctional uptrend. Breaking away the last high, the quotations are pulling back to 23.6%, the next aim of the growth being 38.2% (0.9210).
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