Article By RoboForex.com
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the asset is correcting upwards after plummeting before. Divergence on MACD, which made the pair form the first descending wave earlier, may force the second one. The closest downside target may be 61.8% fibo at 1730.00. However, an alternative scenario implies that the current ascending correction may transform into a proper rising wave to reach the high at 1877.09, a breakout of which may lead to a further uptrend towards the long-term 61.8% fibo at 1908.00.
The H1 chart shows a more detailed structure of the current ascending correction within the downtrend. After breaking 61.8% fibo, the pair started a pullback, which has already returned to 38.2% fibo. After the pullback is over, the asset is expected to resume falling towards 76.0% fibo at 1776.85 and then the low at 1752.50. The local resistance is at 1853.78.
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USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, USDCHF is forming another rising impulse within the mid-term uptrend; the previous impulse reached 76.0% fibo but then the pair was made to return to 38.2% fibo. If the price breaks the high at 0.9374, the instrument may continue growing towards the post-correctional extension area between 138.2% and 161.8% fibo at 0.9482 and 0.9548 respectively. The support is at 0.9092.
The H1 chart shows that after reaching 61.8% fibo, the descending wave was followed by a new ascending structure, which has already reached 50.0% fibo and may later continue towards 61.8% and 76.0% fibo at 0.9279 and 0.9303 respectively. If USDCHF breaks the local high at 0.9343, it may continue growing to reach the key one at 0.9374. An alternative scenario implies that the asset may yet continue falling towards 76.0% fibo and the low at 0.9165 and 0.9108, but it’s quite unlikely.
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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