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Fibonacci Retracements Analysis 11.10.2021 GOLD, USDCHF

XAUUSD, Gold vs US DollarIn the H4 chart, convergence on MACD made the pair start a new rising wave, which wasnt strong enough to break the high and reach 50.0 fibo at 1856.55. This technical picture implies a high probability of another decline towards the low at 1638.76, a breakout of which may lead to a further downtrend to reach the longterm 50.0 fibo at 1617.00.As we can see in the H1 chart, the correctional uptrend has reached 50.0 fibo. At the same time, divergence on MACD indicates a possible decline towards the local low at 1721.65, a breakout of which may result in a further downtrend to reach 61.8 fibo at 1713.41. However, one shouldnt exclude a possibility of another rising impulse towards 61.8 and 76.0 fibo at 1791.10 and 1807.00 respectively.USDCHF, US Dollar vs Swiss FrancAs we can see in the H4 chart, after attempting to reach the postcorrectional extension area between 138.2 and 161.8 fibo at 0.9373 and 0.9433 respectively and divergence on MACD, USDCHF started a new descending correction, which tested 38.2 fibo but rebounded towards 23.6 fibo. Possibly, the asset may continue trading downwards to reach 50.0 and 61.8 fibo at 0.9193 and 0.9152 respectively. The resistance is the high at 0.9368.In the H1 chart, the pair is consolidating and correcting its previous descending wave. By now, the correction has reached 50.0 fibo and may later continue towards 61.8 fibo at 0.9315. A breakout of the low at 0.9230 will result in a further downtrend.

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