Article By RoboForex.com
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after falling and reaching 23.6% fibo, XAUUSD is moving towards the high at 1747.77. If the price breaks it, the pair may continue its growth to reach the post-correctional extension area between 138.2% and 161.8% fibo at 1798.90 and 1858.60 respectively. At the same time, one should note that the rising impulse was slowed down as it was approaching the high. In this case, there is a high probability of a new descending wave with the targets at 38.2% and 50.0% fibo at 1634.40 and 1599.50 respectively.
On H1, after a decline and another test of 23.6% Fibo, the quotations are heading for 1747.77, but this may be just a short-time pullback after a momentum of decline.
USDCHF, “US Dollar vs Swiss Franc”
On H4, the last escape of the quotations from the upper border of the consolidation triangle was hardly a success. The quotations formed a strong momentum of a decline, hinting on possible extension of the correctional phase. The potential goal of the decline is 61.8% (0.9453) Fibo; after it is broken away, the decline may go on to 76.0% (0.9350).
On H1, there is a short-term pullback after a momentum of a decline to the local lows. The aim of the pullback may be at the current resistance level of 0.9672. After the correction is over, the quotations may go on declining. The next goals of the decline are in the post-correctional extension range of 138.2-161.8% (0.9512-0.9462) Fibo.
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.