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Fibonacci Retracements Analysis 08.03.2021 (GOLD, USDCHF)

XAUUSD, “Gold vs US Dollar”

In the daily chart, the long-term correction continues; the descending wave has broken 38.2% fibo and may continue towards 50.0% and 61.8% fibo at 1617.50 and 1509.85 respectively. However, there is a convergence on MACD, which may hint at a possible pullback after the instrument reaches one of its key downside targets. The key resistance is the high at 2074.75.

Fibonacci Retracements Analysis 08.03.2021 GOLD_D1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, a convergence on MACD made the pair start a new pullback to the upside. The possible correctional targets are 23.6%, 38.2%, and 50.0% fibo at 1717.55, 1736.43, and 1751.50 respectively. However, if the price breaks the local low at 1687.14, XAUUSD may continue falling to reach the long-term 50.0% fibo at 1617.50.

Fibonacci Retracements Analysis 08.03.2021 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”

The daily chart shows that USDCHF has reached a very important level, 38.2% fibo. Later, the market may continue growing towards 50.0% and 61.8% % fibo at 0.9496 and 0.9672 respectively. However, if the asset breaks the support at 0.8758, the correction may be over.

Fibonacci Retracements Analysis 08.03.2021 USDCHF_D1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

As we can see in the H4 chart, the asset is moving within a stable uptrend but may start a new pullback to the downside after reaching the long-term 38.2% fibo. The correctional targets may be 23.6% and 38.2% fibo at 0.9222 and 0.9155 respectively. The support is the local low at 0.8871.

Fibonacci Retracements Analysis 08.03.2021 USDCHF_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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