Fibonacci Retracements Analysis 18.06.2018 (GOLD, USDCHF)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after being corrected to the upside by 38.2%, XAUUSD has broken the low and started a new descending impulse. The main target of the current downtrend is the post-correctional extension area between the retracements of 138.2% and 161.8% at 1271.90 and 1265.60 respectively.
In the H1 chart, the pair is trading towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1271.90 and 1265.60 respectively.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the convergence made USDCHF complete the downtrend, reverse, and start a new rising impulse, which has already reached the retracement of 76.0% at 0.9992. After breaking the high at 1.0056, the price may reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.0106 and 1.0224 respectively. The support level is at 0.9817.
In the H1 chart, the pair is trading towards the retracement of 76.0% at 0.9992. Later, the price may break this level and continue growing to reach the high at 1.0056.
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.