Fibonacci Retracements Analysis 22.10.2018 (GOLD, USDCHF)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after completing the ascending impulse, XAUUSD started a new sideways movement. In case the price breaks the resistance level at 1233.26, the instrument may continue the correction towards the retracement of 38.2% at 1238.30. The main support level is at 1183.22.
In the H1 chart, the pair is forming a short-term descending correction, which has already reached the retracement of 23.6. The next targets are the retracements of 38.2% and 50.0% at 1214.13 and 1208.50 respectively.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the divergence made USDCHF start a new correction to the downside. The possible targets are the retracements of 23.6%, 38.2% and 50.0% at 0.9874, 0.9811, and 0.9760 respectively. However, if the price breaks the resistance level at 0.9977, the instrument may continue trading upwards to reach the high at 1.0068.
The H1 chart shows more detailed structure of the current descending correction.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.