Article By RoboForex.com
XAU USD, “Gold vs US Dollar”
At the H4 chart of the XAU/USD pair, after finishing the convergence, the price started a new ascending correction, which has already reached the retracement of 23.6% and may continue towards the retracements of 38.2% and 50.0% at 1297.60 and 1309.00 respectively. The resistance level is still close to the local high at 1357.31, and the support one – at 1260.85.
As we can see at the H1 chart, the pair is starting a new ascending movement. If the price breaks the local low, the instrument may start falling towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1251.32 and 1245.37 respectively.
USD CHF, “US Dollar vs Swiss Franc”
As we can see at the H4 chart, the USD/CHF pair has already been corrected to the upside by 38.2% and may continue growing towards the retracements of 50.0% and 61.8% at 0.9883 and 0.9990 respectively. In addition to that, the price is forming the divergence. According to the most probable scenario, the instrument may grow towards 0.9883 and then return to the retracements of 23.6% and 38.2% at 0.9705 and 0.9650 respectively.
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At the H1 chart, the situation is similar and confirms the H4 chart scenario.
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.