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Fibonacci Retracements Analysis 03.02.2020 (GOLD, USDCHF)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, XAUUSD continues forming the rising wave towards the current high at 1611.29 and then the post-correctional extension area between 138.2 and 161.8% fibo at 1599.45 and 1625.70 respectively. However, after reaching the high, the price may rebound from it and start a new decline towards 50.0% and 61.8% fibo at 1530.60 and 1511.80 respectively.

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

In the H1 chart, the pair has reached 76.0% fibo. At the same time, there is a divergence on MACD, which indicates a new pullback to the downside. The target is the local support at 38.2% fibo (1564.75).

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”

As we can see in the H4 chart, the correctional uptrend has reached 38.2% fibo at 0.9770; right now, the price is forming a new descending impulse towards the low at 0.9613. Later, the market may break the low and continue falling towards the post-correctional extension area between 138.2 and 161.8% fibo at 0.9520 and 0.9343 respectively.

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

In the H1 chart, USDCHF may break the low and then continue trading downwards to reach its short-term targets, which are inside the post-correctional extension area between 138.2 and 161.8% fibo at 0.9555 and 0.9518 respectively.

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


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