Fibonacci Retracements Analysis 16.12.2019 (GOLD, USDCHF)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD continues the correctional uptrend towards 38.2% fibo at 1488.16. After breaking еры level, the pair may continue growing to reach 50.0% and 61.8% fibo at 1501.30 and 1514.30 respectively. After completing the correction, the instrument may break the local low at 1445.60 and continue falling towards its mid-term target, which is 50.0% fibo at 1413.85.
In the H1 chart, the divergence made the pair start a quick descending impulse, which has reached 61.8% fibo at 1461.34. Right now, the price is forming a pullback towards the local high at 1486.69. If the instrument fails to reach and break the high, the next descending wave will be heading towards 76.0% fibo at 1455.50 and then the low at 1445.60.
USDCHF, “US Dollar vs Swiss Franc”
The H4 chart shows the descending correctional wave. After the price reached its mid-term high, there was a divergence on MACD, which made the pair start a quick descending wave. By now, it has almost reached 61.8% fibo at 0.9801. After breaking this level and fixing below it, USDCHF may continue falling towards 76.0% at 0.9748. At the same time, there is a convergence on MACD, which may indicate a possible reverse soon.
As we can see in the H1 chart, USDCHF is trading downwards to reach 61.8% fibo at 0.9801. At the same time, there is a convergence on MACD.