Fibonacci Retracements Analysis 30.07.2018 (GOLD, USDCHF)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD has reached the retracement of 23.6% and right now is still trading sideways. The next upside targets may be the retracements of 38.2%, 50.0% and 61.8% at 1249.00, 1260.00, and 1272.00 respectively. The support level is the local low at 1211.37.
The H1 chart shows the more detailed structure of the current movement. The pair is expected to break the low and then continue falling towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1202.40 and 1196.50 respectively.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the divergence made USDCHF reverse and start a new correction downwards, which has already reached the retracement of 23.6% and may continue towards the ones of 38.2% and 50.0%. The key resistance level is at 1.0068. if the price breaks it, the instrument may continue growing towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.0155 and 1.0218 respectively.
In the H1 chart, the pair is being corrected sideways.
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.