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XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after reaching the retracement of 38.2%, XAUUSD has started a new pullback with the target at the retracement of 23.6% at 1311.20. After completing the pullback, the pair may resume trading downwards. The next downside targets may be the retracements of 50.0%, 61.8%, and 76.0% at 1271.50, 1253.60, and 1232.40 respectively.
In the H1 chart, the convergence made the pair reverse and start a new growth, which has already reached the retracement of 38.2%. The next possible targets may be the retracements of 50.0% and 61.8% at 1305.30 ad 1311.20 respectively. The key support level is the low at 1280.71.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, USDCHF is forming a new rising wave; it has already reached the retracement of 76.0%. Right now, the pair is being corrected downwards to reach the short-term retracement of 50.0% at 1.0038. The next ascending impulse will be heading towards the high at 1.0149. After breaking it, the instrument may continue growing towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.0234 and 1.0286 respectively.
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In the H1 chart, the pair is being corrected downwards to reach the retracement of 38.2% and 50.0% at 1.0062 and 1.0044 respectively. The resistance level is the high at 1.0124.
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.