Article By RoboForex.com
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after reaching the retracement of 38.2%, XAUUSD started a new pullback, which may be followed by another rising impulse towards the long-term retracement of 50.0% at 1262.60. The local support level is at 1208.60.
In the H1 chart, the divergence made the pair reverse and start a new correction, which has already reached the retracement of 38.2%. The next possible targets may be the retracements of 50.0% and 61.8^ at 1231.05 and 1226.30 respectively. If the price breaks the high at 1250.84, the mid-term uptrend will continue.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the convergence made USDCHF stop trading downwards and start a new rising impulse inside the mid-term uptrend, which is getting closer to the retracement of 50.0% at 0.9996. The next upside targets may be the retracements of 61.8% and 76.0% at 1.0027 and 1.0064 respectively. The key resistance is the high at 1.0128.
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The H1 chart shows more detailed structure. The pair is getting close towards the retracement of 50.0% at 0.9996.
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.
