Fibonacci Retracements Analysis 22.07.2019 (GOLD, USDCHF)

GOLD

On H4 we can see that after a breakthrough of the upper border of the consolidation channel and th renewal of the maximum the quotations have dropped. Such a decline may be regarded as an attempt to test the overcome resistance area from above, turning it into a support area. The key support, in its turn, is situated at the fractal level of 1381.69. Further perspectives for gold lay in the post-correction amplification range of 138.2-161.8% (1460.70-1474.00) Fibo. Later a movement and hitting of the long-term target level of 61.8% (1510.00) look possible.

On H1 we can see a descending correcting dynamics after a divergence. By now the quotations have neared 50.0% (1419.20) Fibo. Further decline may be aimed a 61.8% (1411.40) and 76.0% (1401.80). The local resistance is at 23.6% (1437.00).

USDCHF

On H4 the pair demonstrates a decline after a correcting growth to 61.8% Fibo. Such reserve may warn about the development of growth to 76.0% (1.0001), the area of psychological resistance. The local goal of the decline is the minimum at 0.9694, upon breaking which the quotations may head for the mid-term goal at 61.8% (0.9587).

On H1 the decline of the quotations is nearing 61.8% (0.9792) Fibo. When forming a convergence, a pullback to the resistance at 23.6% (0.9890) should not develop. After the pullback yet another decline to 76.0% (0.9755) may follow.