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Fibonacci Retracements Analysis 15.03.2021 (GOLD, USDCHF)

XAUUSD, “Gold vs US Dollar”

In the daily chart, after attempting to fall and reach 50.0% fibo at 1617.50, the asset is starting a new rising pullback. However, there is a convergence on MACD, which may indicate that this pullback might as well transform into a proper ascending wave to reach the high at 2074.75. However, the correction is in the very beginning, that’s why one shouldn’t exclude a further downtrend.

Fibonacci Retracements Analysis 15.03.2021 GOLD_D1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H4 chart shows a more detailed structure of the current correctional uptrend after a convergence on MACD. The possible correctional targets are 23.6%, 38.2%, and 50.0% fibo at 1743.45, 1785.00, and 1818.15 respectively. However, if the price breaks the local low at 1676.78, XAUUSD may continue falling to reach the long-term 50.0% fibo at 1617.50.

Fibonacci Retracements Analysis 15.03.2021 GOLD_H4
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 after reaching a very important level, 38.2% fibo, USDCHF is starting a new correction downwards. 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 15.03.2021 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 first descending wave has reached 23.6% fibo. The next correctional targets may be 38.2% and 50.0% fibo at 0.9183 and 0.9123 respectively. The resistance is the local high at 0.9376.

Fibonacci Retracements Analysis 15.03.2021 USDCHF_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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