XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD is correcting after completing the descending wave; right now, it is testing the area between 50.0% and 61.8% fibo. The next downside target may be 76.0% fibo at 1438.05 and the fractal low at 1400.49. The descending MACD indicator confirms further decline.
The H1 chart shows more detailed structure of the current correction after the convergence on MACD. By now, the correctional uptrend has already reached 38.2% fibo and may yet continue towards 50.0% and 61.8% fibo at 1480.80 and 1489.10 respectively. However, if the price breaks the low at 1445.60, the instrument may resume trading inside the downtrend.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, USDCHF is still correcting between 23.6% and 50.0% fibo; right now, it is testing 38.2% fibo. Considering the current descending impulse, the main scenario implies further decline towards 61.8% fibo at 0.9801.
In the H1 chart, the pair is correcting after the convergence on MACD and has almost reached 38.2% fibo at 0.9912. The next upside target may be 50.0% fibo at 0.9924. The support is the low at 0.9870.
