Fibonacci Retracements Analysis 20.07.2020 (GOLD, USDCHF)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD is forming a slight local correction inside the post-correctional extension area between 138.2% and 161.8% fibo at 1800.60 and 1823.00 respectively. After breaking this area to the upside, the instrument may try to attack its all-time high at 1920.66. The key support is at 1670.60.
In the H1 chart, the descending correction has reached 38.2% fibo. At the moment, the pair is moving towards the high at 1817.89 and may continue the uptrend after breaking it. At the same time, the instrument may yet start a new decline to reach 50.0% and 61.8% fibo at 1787.50 and 1780.45 respectively.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, after breaking its previous low and finishing a short-term pullback, USDCHF continues falling towards the mid-term 76.0% at 0.9350. The key downside target remains the low at 0.9176. The resistance is at 0.9580.
In the H1 chart, after testing the low, the pair has correcting towards 61.8% fibo. At the moment, the price is forming a new descending impulse. The key short-term downside targets are inside the local post-correctional extension area between 138.2% and 161.8% fibo at 0.9309 and 0.9267 respectively.