rfxsignals December 23, 2019 No Comments

Fibonacci Retracements Analysis 23.12.2019 (GOLD, USDCHF)

23.12.2019

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.

GOLD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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.

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”

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.

USDCHF_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 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.

USDCHF_H1