Fibonacci Retracements Analysis 20.08.2018 (GOLD, USDCHF)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the long-term convergence made XAUUSD reverse and start a new correction upwards. The possible targets may be the retracements of 23.6%, 38.2%, 50.0% and 61.8% at 1199.17, 1223.77, 1243.00, and 1262.80 respectively. However, another scenario implies that the price may yet break the previous low at 1160.13 and then continue falling towards the next significant support level at 1122.74.

In the H1 chart, the uptrend is moving towards the retracement of 23.6%.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the long-term correctional trend continues. After reaching the retracement of 23.6%, USDCHF has started a short-term correction upwards, which has already reached the retracement of 50.0% and may continue towards the ones of 61.8% and 76.0% at 0.9991 and 1.0020 respectively. If the price breaks the high at 1.0068, the instrument may continue growing towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.0144 and 1.0192 respectively.

In the H1 chart, the pair is trading between 0.9860 and 0.9991.