Article By RoboForex.com
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after updating the previous high and attempting to enter the post-correctional extension area between 138.2% and 161.8% fibo at 1555.95 and 1569.17 respectively, XAUUSD has started a new decline, which is now getting close to 38.2% fibo at 1497.40. The next possible targets may be 50.0%, 61.8%, and 76.0% fibo at 1478.60, 1460.25, and 1438.15 respectively.
In the H1 chart, after finishing the descending impulse, the pair is correcting and moving sideways between 23.6% and 38.2% fibo.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, USDCHF continues forming the mid-term uptrend after the convergence. After correcting towards 23.6%, the pair is forming a new rising impulse and testing 38.2% fibo again. The next upside targets may be 50.0% and 61.8% fibo at 0.9948 and 1.0016 respectively.
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The H1 chart shows more detailed structure of the current rising correction. USDCHF is forming a rising impulse towards the local high at 0.9929. After breaking it, the price may continue growing to reach the post-correctional extension area between 138.2% and 161.8% fibo at 0.9980 and 1.0010 respectively. The key support is at 0.9797.
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.