Article By RoboForex.com
XAUUSD, “Gold vs US Dollar”
In the daily chart, the long-term correction continues; the previous descending impulse has reached 38.2% fibo. After a slight pullback, the price may continue falling towards 50.0% and 61.8% fibo at 1617.50 and 1509.85 respectively. However, there is a convergence on MACD, which may hint at a possible reversal and a new ascending wave after the instrument reaches one of its key downside targets. The key resistance is the high at 2074.75.
In the H4 chart, a local convergence made the pair start a new pullback after reaching the long-term 38.2% fibo. The possible correctional targets are 23.6%, 38.2%, and 50.0% fibo at 1774.20, 1809.80, and 1838.45 respectively. However, if the price breaks the local low at 1717.15, XAUUSD may continue falling to reach the long-term 50.0% fibo at 1617.50.
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USDCHF, “US Dollar vs Swiss Franc”
The daily chart shows that a convergence made start a new rising wave, which has already broken 23.6% fibo and may later continue growing to reach 38.2% fibo at 0.9323. The key upside target is 50.0% fibo at 0.9496. However, if the asset breaks the support at 0.8758, the correction may be over.
As we can see in the H4 chart, after correcting by almost 50.0%, USDCHF has broken the high 0.9046 to enter the post-correctional extension area between 138.2% and 161.8% fibo at 0.9113 and 0.9154 respectively. the support is the local low at 0.8871.
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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