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XAU USD, “Gold vs US Dollar”
As we can see at the H4 chart, after breaking the high at 1260.42, the XAU/USD pair continued falling towards 1243.40. This level is very close to the upside border of the post-correctional extension area between the retracements of 138.2% and 161.8% at 1241.86 and 1232.22 respectively, where the next downside targets are located.
At the H1 chart, we can see the divergence, which may indicate a possible reverse or a short-term ascending correction with the targets at the retracements of 23.6%, 38.2%, and 50.0% at 1254.55, 1261.20, and 1266.46 respectively.
USD CHF, “US Dollar vs Swiss Franc”
At the H4 chart, the downtrend was finished after the convergence and the USD/CHF pair started the correction, which has already reached the retracement of 76.0%. The next target may be the current high at 1.0037. After breaking this level, the price may move towards the post-correctional extension area between the retracements of 138.2% and 161.8%. However, one should exclude a possibility that the pair may resume falling to reach the local low at 0.9734 and break it. In this case, the instrument may fall towards another the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.9636 and 0.9580 respectively.
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As we can see at the H1 chart, the pair is being corrected and may continue falling towards the retracements of 38.2%, 50.0%, and 61.8% at 0.9883, 0.9854, and 0.9825 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.