Article By RoboForex.com
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the divergence made XAUUSD reverse and start a new descending tendency, which is getting closer to the retracement of 38.2% at 1289.40. The next downside targets may be the retracements of 50.0% and 61.8% at 1271.50 and 1253.60 respectively. The resistance level is the current high at 1346.68.
The H1 chart shows more detailed structure of the current decline. Right now, the pair is testing the retracement of 38.2% at 1289.40.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, USDCHF has reached the retracement of 50.0%. The next downside target may be the retracement of 61.8% at 0.9881. However, there is a convergence on MACD, which may indicate a new rising impulse towards the local resistance level at 1.0047 and then the high at 1.0149.
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In the H1 chart, the convergence made the pair start a new pullback upwards, which is getting closer to the retracement of 38.2% at 1.0011. The next upside targets may be the retracements of 50.0% and 61.8% at 1.0038 and 1.0064 respectively.
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.
