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Fibonacci Retracements Analysis 16.08.2021 GOLD, USDCHF

XAUUSD, Gold vs US DollarAs we can see in the H4 chart, convergence on MACD made the pair stop plummeting and start a new correction to the upside, which has already reached 50.0 fibo and may later continue towards 61.8 and 76.0 fibo at 1810.28 and 1850.00 respectively. If the price breaks the key resistance at 1916.52, the active tendency may reverse. However, the current growth is highly likely to stop at 61.8 fibo at 1810.28 and may later be followed by a new decline towards the low and midterm 50.0 fibo at 1638.76 and 1617.00 respectively.In the H1 chart, the asset is testing 50.0 fibo. Possibly, the pair may start a new pullback towards 38.2 fibo at 1744.80, which may later be followed by another growth to reach 61.8 fibo at 1810.28. After that, one may expect divergence on MACD to indicate a new descending structure to reach the previous low.USDCHF, US Dollar vs Swiss FrancIn the H4 chart, USDCHF is forming a midterm narrowing channel. This technical picture assumes two possible scenarios. The first scenario implies a breakout of the high at 0.9275 and a further uptrend towards the postcorrectional extension area between 138.2 and 161.8 fibo at 0.9373 and 0.9433 respectively, while the second one suggests a decline to reach the longterm support at 0.8926 but only after a breakout of the local low at 0.9018.The H1 chart shows a movement to the downside after divergence on MACD, which has already reached 50.0 fibo and may later continue towards 61.8 fibo at 0.9104….

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