Fibonacci Retracements Analysis 01.04.2019 (GOLD, USDCHF)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD is forming another descending impulse. The downside targets are the retracements of 50.0% and 61.8% at 1271.47 and 1253.83 respectively. The resistance level is at 1346.68.
In the H1 chart, the pair reversed and started a new correction. The possible targets may be the retracements of 38.2% and 50.0% at 1301.09 and 1305.70. If the price breaks the local low at 1286.73, the instrument may continue its decline.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, after reaching the retracement of 23.6%, USDCHF is moving sideways. The next downside target may be the retracement of 38.2% at 0.9782. The resistance level is high at 1.0149.
In the H1 chart, the pair is trading sideways and may reach the retracement of 38.2% and 50.0% at 0.9980 and 1.0006 respectively. The support level is the low at 0.9894.
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.