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Fibonacci Retracements Analysis 11.10.2021 (GOLD, USDCHF)

XAUUSD, “Gold vs US Dollar”

In the H4 chart, convergence on MACD made the pair start a new rising wave, which wasn’t strong enough to break the high and reach 50.0% fibo at 1856.55. This technical picture implies a high probability of another decline towards the low at 1638.76, a breakout of which may lead to a further downtrend to reach the long-term 50.0% fibo at 1617.00.

Fibonacci Retracements Analysis 11.10.2021 GOLD_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, the correctional uptrend has reached 50.0% fibo. At the same time, divergence on MACD indicates a possible decline towards the local low at 1721.65, a breakout of which may result in a further downtrend to reach 61.8% fibo at 1713.41. However, one shouldn’t exclude a possibility of another rising impulse towards 61.8% and 76.0% fibo at 1791.10 and 1807.00 respectively.

Fibonacci Retracements Analysis 11.10.2021 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 H4 chart, after attempting to reach the post-correctional extension area between 138.2% and 161.8% fibo at 0.9373 and 0.9433 respectively and divergence on MACD, USDCHF started a new descending correction, which tested 38.2% fibo but rebounded towards 23.6% fibo. Possibly, the asset may continue trading downwards to reach 50.0% and 61.8% fibo at 0.9193 and 0.9152 respectively. The resistance is the high at 0.9368.

Fibonacci Retracements Analysis 11.10.2021 USDCHF_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the pair is consolidating and correcting its previous descending wave. By now, the correction has reached 50.0% fibo and may later continue towards 61.8% fibo at 0.9315. A breakout of the low at 0.9230 will result in a further downtrend.

Fibonacci Retracements Analysis 11.10.2021 USDCHF_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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