Article By RoboForex.com
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD is forming another rising wave and has almost reached 38.2% fibo. However, this movement should be considered only as a correction. The next upside targets may be 50.0%, 61.8%, and 76.0% fibo at 1962.00, 1988.40, 2020.30 respectively but the price’s reaching the high 2074.50 remains questionable. If the instrument finishes the pullback within the current range, the asset may fall to reach the low at 1848.67 and then the long-term 38.2% and 50.0% fibo at 1836.50 and 1763.40 respectively.
The H1 chart shows a new rising wave, which has already updated the previous local high. Right now, the pair is approaching 38.2% fibo at 1934.85 and slowing down a bit. However, there are no other signs of a possible reversal, that’s why it’s just a question of time when the asset reaches 50.0% fibo at 1962.00.
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USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, after reaching 23.6% fibo, USDCHF is forming a steady descending wave, which may reach 76.0% fibo at 0.9070. The next descending impulse may head to break the low at 0.8999 and then reach the post-correctional extension area between 138.2% and 161.8% fibo at 0.8885 and 0.8816 respectively. However, if the asset fails to break the low, the instrument may rebound and start a new wave to the upside to break the high at 0.9296 and even reach the long-term 38.2% fibo at 0.9472.
In the H1 chart, the asset is moving downwards to reach 76.0% fibo. At the same time, there is a convergence on MACD, which may indicate a possible pullback or a reversal soon. The local resistance is at 50.0% fibo at 0.9147: if the pair breaks it, the asset may reverse.
Article By RoboForex.com
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
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