Fibonacci Retracements Analysis 02.08.2017 (GOLD, USD/CHF)

XAU USD, “Gold vs US Dollar”

As we can see at the H4 chart, Gold is forming the divergence, which means that it may reverse or start a new correction. The first target of the descending correction may be the retracement of 23.6% at 1257.94. The next targets may be the retracements of 38.2% and 60% at 1247.81 and 1239.46 respectively. If the instrument breaks the current high at 1274.12, “bulls” may push the price towards the retracement of 261.8% at 1283.87.

At the H1 chart, the pair formed the divergence to confirm a possible descending correction. The main targets of the correction may be the retracements of 38.2% and 50% at 1262.20 and 1258.60 respectively.

USD CHF, “US Dollar vs Swiss Franc”

At the H4 chart, the USD/CHF pair completed the correction with the target at the retracement of 23.6%. However, the price may yet continue growing, that’s why the next upside targets may be the retracements of 50% and 61.8% at 0.9766 and 0.9844 respectively.

As we can see at the H1 chart, the pair was corrected to the downside by 38.2%. The next target is the retracement of 50% at 0.9611. After completing the correction, the price may resume moving upwards to reach the local high at 0.9724, break it, and then grow towards the retracement of 161.8% at 0.9797.

RoboForex Analytical Department