Article By RoboForex.com
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the long-term correctional uptrend continues; it has already reached the retracement of 61.8%. The next upside target may be the retracement of 76.0% at 1316.02. At the same time, there is divergence at MACD, which may indicate a reverse after the price reaches the target. The local support level is at 1238.65.
In the H1 chart, after being corrected to the downside by 23.6%, the pair is trying to start a new impulse to the upside. If the price breaks the high at 1298.47, the instrument may trade towards its mid-term targets. However, if the instrument starts a new descending wave, its targets will be the retracements of 38.2% and 50.0% at 1273.50 and 1265.72 respectively.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the correctional downtrend continues; USDCHF has already reached the retracement of 50.0%. In the future, the price may continue falling towards the retracements of 61.8% and 76.0% at 0.9767 and 0.9682 respectively. The local resistance level is at 0.9990; the key one – the high at 1.0128.
Free Reports:
Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
In the H1 chart, the pair is trading sideways between the retracement of 38.2% and 50.0%. Breakout of one of the range’s borders will define the future mid-term tendency.
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.
