Article By RoboForex.com
XAU USD, “Gold vs US Dollar”
At the H4 chart of the XAU/USD pair, the price is forming the divergence, which may indicate a possible correction or a reverse. The closet targets of this descending correction are the retracement of 38.2%, 50.0%, and 61.8% at 1321.49, 1299.22, and 1281.20 respectively. The resistance for the current movement is close to the local high at 1357.46.
At the H1 chart, the situation pretty the same. The pair is also forming the divergence, thus indicating a possible correction. By now, the price has been corrected by 23.6%. The next targets of the correction may be the retracements of 38.2%, 50.0%, and 61.8% at 1326.05, 1316.45, and 1306.58 respectively.
USD CHF, “US Dollar vs Swiss Franc”
As we can see at the H4 chart, the pair has once again tested the support area at 0.9427. If the price breaks this level, it may move towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.9315 and 0.9235 respectively. The resistance for the current movement is at 0.9772.
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At the H1 chart, the pair is forming an ascending correction within the downtrend. The targets of the correction may be the retracements of 38.2%, 50.0%, and 61.8% at 0.9517, 0.9549, and 0.9578 respectively.
RoboForex Analytical Department
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.
