Fibo Analysis for GOLD and USD/CHF: July 23, 2018
GOLD
On H4, the latest downtrend ended with a convergence and a correction to 23.6% Fibo. The next correctional upward movement landmarks may lie at 38.2%, or 1248.60, 50.0%, or 1260.20, and at 61.8%, or 1272.00. The local low at $1,211.37 acts as a support.
On H1, there's mire technical information on gold. After the low gets broken out, the price may head into the post correctional extension between 138.2% and 161.8 FIbo, or $1,202.20-$1,196.65.
USD/CHF
On H4, the USD/CHF is forming a correctional downtrend towards 61.8%, or 0.9895, and 76.0%, or 0.9856. The key support is at 0.9789, the resistance lies at 1.0068.
On H1, the USD/CHF continues its downtrend.
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.