Fibonacci Retracements Analysis 07.12.2020 (GOLD, USDCHF)
XAUUSD, “Gold vs US Dollar”
On H4, after a test of 50.0% Fibo and a convergence on the MACD, the quotations of GOLD pulled back to 23.6%. The correctional growth might continue to 38.2% (1882.17), 50.0% (1919.00), and 61.8% (1955.80) but most probably, this will be a reversal. However, until the key level of 50.0% (1919.00) is reached, another wave of growth might break through the low of 1763.40 and head for he medium-term aim of the decline at 61.8% (1690.00).
On H1, there is also a short-term correction beginning after a divergence on the MACD. By now, the impulse of decline has covered 23.6%, and the next impulse will head for 38.2% (1816.26) and 50.0% (1806.29) Fibo. A breakaway of the local high at 1848.19 will continue the medium-term wave of growth.
USDCHF, “US Dollar vs Swiss Franc”
On H4, the pair keeps developing a downtrend. The quotations have overcome the previous low of 0.8982 and neared the post-correctional extension area of 138.2-161.8% (0.8886-0.8816) Fibo. However, the main goal of the dominating trend is the long-term level of 50.0% (0.8707). The resistance is still at the fractal high of 0.9296.
On H1, the pair is starting correctional growth after a convergence on the MACD. The first impulse of growth reached 23.6%, and next, the quotations might rise to 38.2% (0.8965), 50.0% (0.8989), and 61.8% (0.9014) Fibo. A breakaway of the support at 0.9019 will signal the end of the local correction and the continuation of the medium-term downtrend.
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