Fibonacci Retracements Analysis 21.09.2017 (GOLD, USD/CHF)

XAU USD, “Gold vs US Dollar”

At the H4 chart of the XAU/USD pair, the price is still moving to the downside. By now, the correction has already reached the reached the retracement of 38.2%. The next targets of this correction may be the retracement of 50.0%, 61.8%, and 76.0% at 1281.82, 1263.32, and 1242.10 respectively. The resistance for the current movement is still close to the local high at 1357.00.

As we can see at the H1 chart, the pair is falling and forming the convergence, which may indicate a possible correction to the upside in the nearest future. The local target of the current descending movement may be at 1281.82. The targets of the future correction may be in the area between the retracements of 23.6% and 61.8% at 1294.00 and 1314.22 respectively.

USD CHF, “US Dollar vs Swiss Franc”

As we can see at the H4 chart, the pair has starting a new ascending movement with the target at the retracement of 38.2%, 50.0%, and 61.8% at 0.9772, 0.9883, and 0.9992 respectively. The local support level is at 0.9420.

At the H1 chart, the pair is resuming its growth after being corrected to the downside. The targets of this ascending movement may be inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.9757 and 0.9790 respectively. The local support level is at 0.9564.

RoboForex Analytical Department