Article By RoboForex.com
XAU USD, “Gold vs US Dollar”
At the H4 chart, the XAU/USD pair is forming a new descending impulse, which has already corrected the previous uptrend by 76.0%. The next downside target may be the local low at 1260.60. if the price breaks it, the instrument may move towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1243.30 and 1232.74 respectively.
As we can see at the H1 chart, the pair is trading towards 1260.60. At the same time, the convergence is being formed, which may indicate a reverse to the upside. The main targets of this possible uptrend are the retracements of 50.0% and 61.8% at 1283.30 and 1288.60 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 50.0% and may continue growing towards the retracements of 61.8% at 0.9990. The divergence that is being formed at the moment may indicate a possible correction after the price reaches its target. The closest targets of this possible correction will be the retracements of 23.6% and 38.2% at 0.9857 and 0.9774 respectively.
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At the H1 chart, the closest target of the uptrend is the retracement of 261.8% at 0.9957. The divergence, which is being formed right now, may show a possible correction to the downside with the target in the area between the retracements of 23.6% and 61.8% at 0.9904 and 0.9821 respectively.
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.