Fibonacci Retracements Analysis 06.05.2019 (GOLD, USDCHF)

XAUUSD, “Gold vs US Dollar”

From the technical point of view, the H4 chart of XAUUSD shows the correction that started after the convergence. The previous descending wave has reached the retracement of 50.0%. If the price breaks the low at 1266.28, the instrument may continue falling towards the retracement of 61.8% at 1253.87.

As we can see in the H1 chart, the pair is moving upwards and testing the retracement of 23.6%. The next upside targets may be the retracements of 38.2% and 50.0% at 1296.94 and 1306.47 respectively.

USDCHF, “US Dollar vs Swiss Franc”

In the H4 chart, USDCHF has broken the previous low; right now, it is still trading downwards. After completing the correction, the price is expected to break the high at 1.0236 and continue growing to reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.0246 and 1.0307 respectively.

As we can see in the H1 chart, the current downtrend has reached the retracement of 23.6%. The next targets may be the retracements of 38.2%, 50.0%, and 61.8% at 1.0109, 0.0071, and 1.0032 respectively.