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Fibonacci Retracements Analysis 18.01.2021 (GOLD, USDCHF)

XAUUSD, “Gold vs US Dollar”

In the H4 chart, a divergence on MACD made the pair return to 23.6% fibo but after updating the low the pair started a new pullback. After finishing the short-term correction, the instrument may start another descending impulse to reach the previous low at 1764.36, a breakout of which will lead to further long-term downtrend towards 38.2% at 1725.37. However, one shouldn’t exclude a possibility that the pullback may transform into a new wave to the upside to reach 76.0% fibo at 2000.00.

Fibonacci Retracements Analysis 18.01.2021 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 correctional uptrend has reached 23.6% fibo and may later continue towards 38.2% and 50.0% fibo at 1862.00 and 1880.55 respectively. A breakout of the local low at 1801.79 will result in further downtrend to reach the key low at 1764.36.

Fibonacci Retracements Analysis 18.01.2021 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, after a convergence on MACD, USDCHF has tested the upside border of the post-correctional extension area between 138.2% and 161.8% fibo at 0.8886 and 0.8816 respectively. this growth should be considered as the continuation of the mid-term pullback. The key correctional target is the resistance at 0.8999.

Fibonacci Retracements Analysis 18.01.2021 USDCHF_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows a more detailed structure of the correctional trend. The asset has reached 50.0% fibo and, after breaking it, may continue moving towards 61.8% and 76.0% fibo at 0.8965 and 0.9012 respectively. A breakout of the support at 0.8757 will complete this correction and resume the downtrend.

Fibonacci Retracements Analysis 18.01.2021 USDCHF_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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