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Fibonacci Retracements Analysis 16.08.2021 (GOLD, USDCHF)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, convergence on MACD made the pair stop plummeting and start a new correction to the upside, which has already reached 50.0% fibo and may later continue towards 61.8% and 76.0% fibo at 1810.28 and 1850.00 respectively. If the price breaks the key resistance at 1916.52, the active tendency may reverse. However, the current growth is highly likely to stop at 61.8% fibo at 1810.28 and may later be followed by a new decline towards the low and mid-term 50.0% fibo at 1638.76 and 1617.00 respectively.

Fibonacci Retracements Analysis 16.08.2021 GOLD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the asset is testing 50.0% fibo. Possibly, the pair may start a new pullback towards 38.2% fibo at 1744.80, which may later be followed by another growth to reach 61.8% fibo at 1810.28. After that, one may expect divergence on MACD to indicate a new descending structure to reach the previous low.

Fibonacci Retracements Analysis 16.08.2021 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”

In the H4 chart, USDCHF is forming a mid-term narrowing channel. This technical picture assumes two possible scenarios. The first scenario implies a breakout of the high at 0.9275 and a further uptrend towards the post-correctional extension area between 138.2% and 161.8% fibo at 0.9373 and 0.9433 respectively, while the second one suggests a decline to reach the long-term support at 0.8926 but only after a breakout of the local low at 0.9018.

Fibonacci Retracements Analysis 16.08.2021 USDCHF_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows a movement to the downside after divergence on MACD, which has already reached 50.0% fibo and may later continue towards 61.8% fibo at 0.9104. After testing the latter level, one should expect convergence and another growth to reach the local high at 0.9242.

Fibonacci Retracements Analysis 16.08.2021 USDCHF_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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