Fibonacci Retracements Analysis 15.06.2020 (GOLD, USDCHF)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the divergence made XAUUSD fall and reach 23.6% fibo. The previous rising impulse intended to reach the high at 1764.86 but judging by the structure of an expanding triangle channel, the asset no longer has strengths for further growth. Hence, one can expect a new decline towards 38.2%, 50.0%, and 61.8% fibo at 1645.06, 1607.83, and 1570.90 respectively.

In the H1 chart, the ascending tendency has tested the local high at 1744.95. If the pair breaks this level, it may continue growing towards the key high at 1764.86 and then the post-correctional extension area between 138.2% and 161.8% fibo at 1773.35 and 1791.05 respectively. At the same time, a “Black Cross” on MACD indicates a possible decline to reach the low at 1670.60.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, after reaching 76.0% fibo, USDCHF has rebounded to the upside. At the same time, the rising impulse has tested the resistance at 50.0% fibo (0.9538). In this case, the market is expected to continue trading towards the high at 0.9901. However, one shouldn’t exclude another scenario, according to which the instrument may resume falling to reach the key low at 0.9176.

The H1 chart shows a more detailed structure of the current ascending tendency. One can see that the convergence made the pair start a new growth, which has already reached 38.2% fibo. The next rising impulse will be heading towards 50.0%, 61.8%, and 76.0% fibo at 0.9580, 0.9628 and 0.9686 respectively. The local support is the low at 0.9376.