Article By RoboForex.com
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after breaking 38.2% fibo, XAUUSD transformed the correctional uptrend into a proper rising wave with the target at 1557.00. By now, the pair has already reached 61.8% fibo and may later continue moving towards 76.0% fibo at 1530.10. The support is 38.2% fibo at 1488.16.
In the H1 chart, after reaching 61.8% fibo, the pair is testing it. In this case, the price is expected to start a new pullback towards 38.2% fibo at 1488.15.
USDCHF, “US Dollar vs Swiss Franc”
In the H4 chart, after completing the short-term correction and starting a new descending wave, USDCHF has broken 76.0% fibo; right now, it is moving towards the fractal low at 0.9660. at the same time, there is a convergence on MACD, which may indicate a new pullback after the pair reaches the low. The closest correctional target is 50.0% fibo at 0.9844.
Free Reports:
Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
As we can see in the H1 chart, the instrument has broken 76.0% fibo. The next downside target is the low at 0.9660.
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.
