Article By RoboForex.com
XAU USD, “Gold vs US Dollar”
As we can see at the H4 chart, after being corrected by 50.0%, the XAU/USD pair started forming a new descending impulse. However, the scenario, which implies that the downtrend may continue, is rather questionable. To continue falling, the price has to break the local low at 1260.79 and then it may probably reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 1244.00 and 1233.00 respectively. The more probable scenario suggests that the instrument may resume moving upwards to reach the retracement of 50.0%, 61.8%, and 76.0% at 1309.04, 1320.37, and 1334.26 respectively.
At the H1 chart, the pair is forming the convergence, which may indicate a reverse to the upside. The targets of this possible uptrend are inside the area between the retracements of 23.6% and 76.0% at 1283.50 and 1299.08 respectively. After breaking the local high at 1306.22, the instrument may grow towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1317.38 and 1324.74 respectively.
USD CHF, “US Dollar vs Swiss Franc”
As we can see at the daily 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 0.9881 and 0.9989 respectively.
Free Reports:
At the H4 chart, we can see that after finishing the divergence, the pair has already been corrected by 23.6% and tried to test the high. If the price breaks the local high, it may reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.9880 and 0.9909 respectively. However, if the instrument fails to break the high, the correction may continue towards the retracements of 38.2% and 50.0% at 0.9678 and 0.9628 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.