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XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after finishing the correctional uptrend at 61.8% fibo, XAUUSD is forming another descending wave. If the price breaks the low at 1483.49, the mid-term descending tendency may continue to reach 50.0%, 61.8%, and 76.0% fibo at 1478.85, 1460.25, and 1438.10 respectively. The key resistance is at 1557.00.
In the H1 chart, there was a convergence on MACD when the price reached the low, which may indicate a local pullback. After the pair breaks the local low, the short-term target will be the post-correctional extension area between 138.2% and 161.8% fibo at 1463.60 and 1451.50 respectively.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the pair is about to complete the correctional uptrend and may start a new descending wave towards 50.0%, 61.8%б and 76.0% fibo at 0.9821, 0.9783, and 0.9737 respectively. However, if the instrument breaks the high at 0.9983, it may continue growing to reach the post-correctional extension area between 138.2% and 161.8% fibo at 0.9980 and 1.0010 respectively.
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In the H1 chart, the divergence made the pair complete the ascending wave and start a new decline, which has already reached 50.0% fibo at 0.9897. In the future, the price may continue falling towards 61.8% and 76.0% fibo at 0.9884 and 0.9869 respectively, and the low at 0.9844. The resistance is at 0.9949.
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.