Article By RoboForex.com
XAU USD, “Gold vs US Dollar”
As we can see at the H4 chart, the price is being corrected inside the Flat pattern within the uptrend. The next upside targets may be the post-correctional extension area between the retracements of 138.2% and 161.8% at 1308.63 and 1313.50 respectively. However, we should also note that the instrument is forming the divergence, which may indicate a possible reverse or a deeper correction. The targets of the correction may be the retracements of 23.6%, 38.2%, and 50.0% at 1278.45, 1263,89, and 1252.84 respectively.
At the H1 chart, the situation is pretty similar. The price may break the Triangle correctional pattern upwards or downwards and start moving in the corresponding direction.
USD CHF, “US Dollar vs Swiss Franc”
As we can see at the H4 chart, the USD/CHF pair is still forming the sideways correction. After being corrected by 50.0%, the price tried to test the highs. The next targets of this correction may be the retracements of 61.8% and 76.0% at 0.9564 and 0.9519 respectively. After breaking the highs, the pair may grow towards the retracement of 61.8% (the correction of the previous long-term downtrend) at 0.9845.
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At the H1 chart, the situation is the same, but shows more detailed structure.
RoboForex Analytical Department
Article By RoboForex.com
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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.