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Fibonacci Retracements Analysis 16.12.2019 (GOLD, USDCHF)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, XAUUSD continues the correctional uptrend towards 38.2% fibo at 1488.16. After breaking еры level, the pair may continue growing to reach 50.0% and 61.8% fibo at 1501.30 and 1514.30 respectively. After completing the correction, the instrument may break the local low at 1445.60 and continue falling towards its mid-term target, which is 50.0% fibo at 1413.85.

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

In the H1 chart, the divergence made the pair start a quick descending impulse, which has reached 61.8% fibo at 1461.34. Right now, the price is forming a pullback towards the local high at 1486.69. If the instrument fails to reach and break the high, the next descending wave will be heading towards 76.0% fibo at 1455.50 and then the low at 1445.60.

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”

The H4 chart shows the descending correctional wave. After the price reached its mid-term high, there was a divergence on MACD, which made the pair start a quick descending wave. By now, it has almost reached 61.8% fibo at 0.9801. After breaking this level and fixing below it, USDCHF may continue falling towards 76.0% at 0.9748. At the same time, there is a convergence on MACD, which may indicate a possible reverse soon.

USDCHF_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, USDCHF is trading downwards to reach 61.8% fibo at 0.9801. At the same time, there is a convergence on MACD.

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


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