XAUUSD, “Gold vs US Dollar”
In case of XAUUSD, it’s better to analyze the current situation using the daily chart. From the technical point of view, we can see that the pair has reached the post-correctional extension area between 138.2% and 161.8% fibo. At the same, we should note that the price is getting closer to long-term correctional 50.0% fibo at 1422.00. The support is the previous low at 1346.68. At the same time, there is a divergence on MACD, which may indicate a possible reverse soon.
In the H4 chart, there is a divergence on MACD, which indicates a possible pullback in the nearest future. The downside targets are 23.6%, 38.2%, and 50.0% fibo at 1378.30, 1357.40, 1324.30, and 1340.60 respectively. The resistance is the high at 1411.85.
USDCHF, “US Dollar vs Swiss Franc”
Let’s consider the long-term scenario of USDCHF on the daily chart. There was a divergence on MACD, which made the pair reverse and start a new descending tendency. By now, it has already reached 38.2 fibo. The next downside targets may be 50.0% and 61.8% fibo at 0.9712 and 0.9589 respectively. The resistance is at 23.6% fibo at 0.9987.
In the H4 chart, the downtrend continues; the pair has already reached the post-correctional extension area between 138.2% and 161.8% fibo. The next target may be 50.0% fibo at 0.9712. At the same time, there is a convergence on MACD, which indicates a possible pullback soon.
