Fibonacci Retracements Analysis 23.04.2018 (GOLD, USDCHF)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the divergence made XAUUSD finish its ascending impulse, reverse, and start a new correction to the downside, which has already reached the retracement of 50.0%. The next short-term downside targets may be the retracements of 61.8% and 76.0% at 1329.40 and 1321.30 respectively. The support level is the short-term low at 1307.20; the resistance is the high at 1365.24.

In the H1 chart, XAUUSD is still being corrected to the downside towards the retracements of 61.8% and 76.0% at 1329.40 and 1321.30 respectively.

USDCHF, “US Dollar vs Swiss Franc”

In the H4 chart, USDCHF is still moving upwards. The next upside target may be the retracement of 76.0% at 0.9837. At the same time, one can see the divergence being formed, which may indicate a possible reverse soon. In the future, the downside targets may be the retracements of 23.6%, 38.2%, and 50.0% at 0.9683, 0.9588, and 0.9511 respectively.

In the H1 chart, the uptrend continues towards the retracement of 76.0% at 0.9837.

RoboForex Analytical Department