Fibonacci Retracements Analysis 13.09.2021 (GOLD, USDCHF)

13.09.2021

XAUUSD, “Gold vs US Dollar”

In the H4 chart, after breaking 61.8% fibo and failing to reach 76.0% fibo at 1850.00, the asset has started falling due to divergence on MACD. This movement may be the start of a new mid-term descending wave towards the low at 1638.76, a breakout of which may lead to a further downtrend to reach 50.0% fibo at 1617.00.

GOLD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

As we can see in the H1 chart, the first descending wave is testing 23.6% fibo. The next downside target is 38.2% fibo at 1759.40. At the same time, a breakout of the current high at 1833.94 will result in a further rising tendency.

GOLD_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDCHF, “US Dollar vs Swiss Franc”

In the H4 chart, USDCHF continues forming the rising impulse to reach the high at 0.9275, a breakout of which will lead to a further uptrend towards the post-correctional extension area between 138.2% and 161.8% fibo at 0.9373 and 0.9433 respectively. on the other hand, the asset may rebound from the high and start a new decline towards the fractal support at 0.9018.

USDCHF_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows that the pair is approaching the local resistance at 0.9242.

USDCHF_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Attention!

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.