Fibonacci Retracements Analysis 29.04.2019 (GOLD, USDCHF)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the downtrend stopped at the retracement of 50.0%. After that, there was a convergence on MACD, which made XAUUSD start a new ascending impulse. By now, the uptrend has already reached the retracement of 23.6%. The next targets may be the retracements of 38.2% and 50.0% at 1296.94 and 1306.47 respectively. The support level is the low at 1266.14.

In the H1 chart, the uptrend continues; it has already reached the retracement of 23.6%. In the nearest future, the price may be corrected. The next upside target after the correction may be the retracement of 38.2% at 1296.94.

USDCHF, “US Dollar vs Swiss Franc”

In the H4 chart, USDCHF is trading upwards to reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.0247 and 1.0306 respectively. However, there has been a divergence recently, which made the price start a new correction to the downside. The targets may be the retracements of 23.6%, 38.2%, and 50.0% at 1.0156, 0.0106, and 1.0065 respectively. The resistance level is the high at 1.0236.

As we can see in the H1 chart, the divergence made the pair reverse and start a new decline.