Fibonacci Retracements Analysis 26.03.2018 (GOLD, USDCHF)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, after completing the correction, the pair is forming a new ascending impulse, which has already reached the retracement of 76.0%. The next upside target is the high at 1366.04. After breaking this level, XAUUSD may continue growing towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1390.16 and 1405.25 respectively. The support level is at 1307.19.

In the H1 chart, the pair is trading towards the local post-correctional extension area between the retracements of 138.2% and 161.8% at 1353.15 and 1361.00 respectively. At the same time, one can see the divergence being formed, which may indicate that after reaching the targets the instrument may start a new pullback towards the retracements of 38.2%, 50.0%, and 61.8% at 1340.52, 1333.91, and 1327.90.

USDCHF, “US Dollar vs Swiss Franc”

In the H4 chart, the divergence made USDCHF reverse and start a new descending movement, which has already reached the retracement of 23.6%. The next targets of the correctional downtrend may be the retracement of 38.2%, 50.0%, and 61.8% at 0.9423, 0.9378, and 0.9333 respectively. The resistance level is the high at 0.9569.

In the H1 chart, the pair is being corrected to the upside and has already reached the retracement of 38.2%. The next targets are the retracements of 50.0% and 61.8% at 0.9507 and 0.9521 respectively. The support level is the local low at 0.9444.

RoboForex Analytical Department