Article By RoboForex.com
XAU USD, “Gold vs US Dollar”
At the daily chart of the XAU/USD pair, the uptrend continues as the price has reached the post-correctional extension area. The next upside targets are at 1370.52 (the retracement of 261.8%) and 1375.13 (this year’s high). The local support for the current movement is at 1298.50.
As we can see at the H1 chart, the pair has broken the highs and right now is forming the divergence, which indicates a possible correction or a reverse soon. In addition to that, the price has reached the post-correctional area. The closest targets of the current uptrend may be the retracements of 161.8% at 1343.38, and 1352.13. we should also take into account the current internal correction of the previous ascending impulse. The targets of this correction may be the retracements of 38.2% and 50.0% at 1323.80 and 1319.17 respectively.
USD CHF, “US Dollar vs Swiss Franc”
At the H4 chart, after reaching 0.9680 close to the retracement of 76.0%, the USD/CHF pair started the correction, which may complete quite soon at the retracement of 50.0%. The next downside target is the retracement of 61.8% at 0.9428. However, to continue moving upwards, the price has to break the local high at 0.9680 first. The targets of this ascending movement may be inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.9732 and 0.9764 respectively.
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At the H1 chart, the situation is the same.
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.