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Fibonacci Retracements Analysis 23.08.2021 (GOLD, USDCHF)

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, XAUUSD is still consolidating around 50.0% fibo. Such a technical picture may imply a further uptrend towards 61.8% and 76.0% fibo at 1810.28 and 1850.00 respectively and then the fractal high at 1916.52. However, if the price rebounds from 61.8% fibo and reverses, the asset may start a new decline towards the low and mid-term 50.0% fibo at 1638.76 and 1617.00 respectively.

Fibonacci Retracements Analysis 23.08.2021 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 consolidating and correcting its previous rising wave. The pair has already tested 23.6% fibo and may fall to reach 38.2% fibo at 1765.55. However, a breakout of the high at 1795.36 may lead to a further uptrend.

Fibonacci Retracements Analysis 23.08.2021 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 trying to complete the current correctional downtrend and start a new rising impulse to break the high at 0.9275. If it succeeds, the market may continue the uptrend towards the post-correctional extension area between 138.2% and 161.8% fibo at 0.9373 and 0.9433 respectively. The key support is the local low at 0.9018.

Fibonacci Retracements Analysis 23.08.2021 USDCHF_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 shows, convergence on MACD made the pair complete the descending correction at 61.8% fibo. At the moment, the asset is trading upwards to reach the local high at 0.9242.

Fibonacci Retracements Analysis 23.08.2021 USDCHF_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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