Fibonacci Retracements Analysis 16.03.2020 (GOLD, USDCHF)
XAUUSD, “Gold vs US Dollar”
As we can see in the daily chart, the divergence made the pair reverse to the downside after reaching 76.0% fibo at 1708.10. Right now, XAUUSD is getting closer to 38.2% fibo at 1496.50, which is a long-term support level not far from 50.0% fibo at 1482.50. After reaching and breaking this area, the price may continue falling towards 50.0% and 61.8% fibo at 1431.95 and 1367.80 respectively. The resistance is the high at 1703.17.
In the H1 chart, there was a local convergence that made the pair start a rising pullback, which has almost reached 38.2% fibo at 1580.40 and may later continue towards 50.05% fibo at 1604.05. If the price breaks the low at 1504.30, the mid-term decline may continue.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the weekly chart, the divergence made the pair start a long-term bearish trend, which is heading towards 38.2% and 50.0% fibo at 0.9093 and 0.8708 respectively. The resistance is the high at 1.0344.
In the H4 chart, after forming a quick descending wave and trying to reach 38.2% fibo at 0.9093, the pair is correcting and has already reached 50.0% fibo. Later, the pair may grow towards 61.8% at 0.9593. After completing the pullback, the instrument is expected to resume falling towards the low at 0.9176 or even deeper.