XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after reaching the retracement of 38.2%, XAUUSD has started a new descending impulse. The possible targets may be the retracements of 61.8% and 76.0% at 1191.94 and 1180.24 respectively. However, the key short-term target is the low at 1160.13. The local resistance is the high at 1243.41. If the price breaks it, the instrument may continue growing to reach the retracement of 50.0% at 1262.50.
In the H1 chart, the pair is trading downwards to reach the retracement of 50.0% at 1201.84.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, after being corrected by 23.6%, USDCHF has started a new rising impulse. If the price breaks the high at 1.0095 and fixes above it, the instrument may continue trading towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.0149 and 1.0184 respectively.
In the H1 chart, the pair is testing the high. Possibly, the price may break it and then continue growing towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.0149 and 1.0184 respectively.
