Latest News

Fibonacci Retracements Analysis 18.10.2021 GOLD, USDCHF

XAUUSD, Gold vs US Dollar In the H4 chart, after completing the correctional uptrend, XAUUSD is forming a new descending wave. The closest targets of this wave are 61.8 and 76.0 fibo at 1713.25 and 1685.90 respectively. However, the key downside target is 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. The key resistance is at 1833.94.As we can see in the H1 chart, after breaking 61.8 fibo, the correctional uptrend has failed to reach 76.0 fibo at 1807.00. Local divergence on MACD is the reason why the pair reversed to the downside. The target of this decline may be the local low at 1721.65.USDCHF, US Dollar vs Swiss FrancAs we can see in the H4 chart, after completing the correctional downtrend at 50.0 fibo 0.9193, the asset has started moving upwards and this growth may transform into a new rising wave to break the high at 0.9368. If it happens, USDCHF may continue growing towards the postcorrectional extension area between 138.2 and 161.8 fibo at 0.9373 and 0.9433 respectively. However, one shouldnt exclude a possibility of another descending impulse to reach 61.8 fibo at 0.9152.In the H1 chart, the pair is correcting its previous descending wave and heading towards 50.0 and 61.8 fibo at 0.9281 and 0.9302 respectively. A breakout of the support at 0.9193 will result in a further downtrend.

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News