Article By RoboForex.com
XAUUSD, “Gold vs US Dollar”
In the H4 chart, a local convergence on MACD made the pair start a new correction to the upside, which may successfully transform into a mid-term rising wave towards 78.0% fibo at 2000.00 and then the high at 2074.75. Another scenario implies that the asset may complete this correction without updating the local high and then start another descending impulse to reach the low at 1764.36, a breakout of which will lead to a further long-term downtrend towards 38.2% at 1725.37.
The H1 chart shows a more detailed structure of the correctional uptrend, which has already reached 38.2% fibo. After a short-term pullback, the asset may continue growing towards 50.0% and 61.8% fibo at 1880.55 and 1899.10 respectively, while a breakout of 76.0% fibo at 1917.25 may result in a further uptrend to reach the high at 1958.38. On the other hand, if the instrument breaks the local low at 1801.79, the pair may continue falling towards the key one at 1764.36.
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USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, after a convergence on MACD, USDCHF has tested the upside border of the post-correctional extension area between 138.2% and 161.8% fibo at 0.8886 and 0.8816 respectively; right now, it is moving within the range again. Later, the pair is expected to form another rising impulse to break the border and fix above it. The key upside target is the resistance at 0.8999.
The H1 chart shows a more detailed structure of the correctional trend. After reaching 50.0% fibo and rebounding from it, the asset has returned to the support area close to 23.6% fibo. In the nearest future, USDCHF is expected to complete the correction and then resume moving towards 61.8% and 76.0% fibo at 0.8965 and 0.9012 respectively. The support is the low at 0.8757.
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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