Fibonacci Retracements Analysis 23.12.2019 (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 this 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, after falling towards 61.8% fibo at 1461.34, the pair is forming a pullback towards the local high at 1486.69. If the instrument fails to break the high, the next descending wave will be heading towards 76.0% fibo at 1455.50.
USDCHF, “US Dollar vs Swiss Franc”
In the H4 chart, the convergence made the pair complete the descending correctional wave at 61.8% fibo. To confirm a new rising impulse, USDCHF must break the resistance at 50.0% fibo (0.9844). After breaking this level and fixing above it, the price may grow towards the high at 1.0028. However, if the pair choose to continue falling towards 76.0% at 0.9748, it may reach the low at 0.9660 very quickly.
As we can see in the H1 chart, the convergence made USDCHF start a new growth, which has already reached 23.6% fibo. The next upside targets are 38.2 and 50.0% % fibo at 0.9867 and 0.9897 respectively. The support is the low at 0.9770.