Article By RoboForex.com
XAUUSD, “Gold vs US Dollar”
As we can see in the daily chart, XAUUSD has completed the strong rising impulse and reached 61.8% fibo. At the same time, there is a divergence on MACD, which may signal a new descending correction. The possible downside targets are 23.6%, 38.2%, and 50.0% fibo at 1453.30, 1418.55, and 1390.05 respectively. The resistance is the high at 1510.35.
In the H1 chart, the pair is trading inside the sideways channel, which may start a deeper correction. The key targets of this correction may be 23.6%, 38.2%, 50.0%, and 61.8% fibo at 1484.36, 1468.46, 1455.29, and 1442.40 respectively.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the daily chart, the descending impulse has stopped near the significant low. However, this slowdown may be considered as a pullback to test the low. The resistance is 61.8% fibo at 0.9802. After breaking the low, the instrument may continue falling towards the post-correctional extension area between 138.2% and 161.8% fibo at 0.9586 and 0.9522 respectively.
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In the H4 chart, the local convergence made the pair start a new pullback, which has already reached 23.6% fibo and may yet continue towards 38.2% and 50.0% fibo at 0.9800 and 0.9834 respectively. The support is the low at 0.9692.
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.
