Article By RoboForex.com
XAU USD, “Gold vs US Dollar”
At the H4 chart of the XAU/USD pair, the price is being corrected to downside. By now, the correction has already reached the reached the retracement of 23.6%. The next targets of this descending correction are the retracement of 38.2% and 50.0% at 1299.22 and 1281.20 respectively. The resistance for the current movement is still close to the local high at 1357.46.
As we can see at the H1 chart, the pair has formed the convergence and completed the downtrend. Right now, the price is being corrected to the upside. The closest targets of the correction may be the retracements of 50.0%, 61.8%, and 76.0% at 1336.44, 1341.32, and 1347.02 respectively.
USD CHF, “US Dollar vs Swiss Franc”
As we can see at the H4 chart, the pair has formed the convergence and right now is starting a new ascending correction with the closest target at the retracement of 38.2% and 50.0% at 0.9771 and 0.9880 respectively. However, at the same time one shouldn’t exclude a possibility that the price may start a new descending impulse. The local resistance for this descending impulse is at 0.9418. But if the pair breaks this level, it may move towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.9316 and 0.9233 respectively.
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At the H1 chart, the pair is finishing the ascending impulse and forming the divergence. By now, the price has already been corrected by 38.2%. the descending correction may continue to reach the next targets at the retracements of 50.0%, 61.8%, and 76.0% at 0.9562, 0.9528, and 0.9418 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.
