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Fibonacci Retracements Analysis 08.02.2021 (GOLD, USDCHF)

XAUUSD, “Gold vs US Dollar”

In the H4 chart, after breaking the consolidation range, XAUUSD has updated its previous local low but right now, it is starting a new pullback. A breakout of the range may lead to a further downtrend towards the low at 1764.36 and then the long-term 38.2% fibo at 1725.37.

Fibonacci Retracements Analysis 08.02.2021 GOLD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows a new rising correction after the previous descending wave, which is approaching 38.2% fibo at 1819.50. In the short-term, the asset may continue growing towards 50.0% and 61.8% fibo at 1830.20 and 1840.79 respectively. The local support here is the low at 1784.93.

Fibonacci Retracements Analysis 08.02.2021 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 daily chart, USDCHF continues correcting to the upside after a convergence on MACD. At the moment, the pair is approaching 23.6% fibo at 0.9106 and may later continue growing to reach 38.2% and 50.0% fibo at 0.9322 and 0.9495 respectively.

Fibonacci Retracements Analysis 08.02.2021 USDCHF_D1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, a divergence on MACD made the pair stop its growth at 61.8% fibo (0.9026) and start a new a local correction to the downside, which may reach the support area at 50.0% fibo (0.8975). After completing the correction, the asset may resume growing towards 76.0% fibo at 0.9087.

Fibonacci Retracements Analysis 08.02.2021 USDCHF_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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