XAUUSD, “Gold vs US Dollar”
As we can see in the daily chart, the divergence made XAUUSD made reverse after reaching long-term 50.0% fibo and start a new decline. The downside target is short-term 38.2% fibo at 1332.50. Right now, it’s too early to think about a reverse. After finishing this descending correction, the price is expected to start another rising wave towards 61.8% fibo at 1510.00.
The H1 chart shows more detailed structure of the current correction. After breaking 23.6% fibo, the instrument may fall towards 38.2% and 50.0% fibo at 1374.30 and 1354.34 respectively. The resistance is the high at 1438.97.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the daily chart, after reaching 50.0% fibo, USDCHF is forming a new pullback. The resistance is at 23.6% fibo at 0.9988. After completing the pullback, the price may fall towards 61.8% fibo at 0.9588.
In the H1 chart, the correctional up trend continues; the pair has already reached 38.2% fibo and may continue growing towards 50.0 and 61.8% fibo at 0.9854 and 0.9892 respectively. The support is the low at 0.9693.
