XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD is trying to stop its correctional sideways movement and resume falling. If the price breaks the short-term low at 1160.13, the pair may move downwards to reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 1139.40 and 1126.60 respectively. However, if the instrument breaks the high at 1214.28, the price may continue trading upwards to reach the retracements of 38.2% and 50.0% at 1238.40 and 1262.50 respectively.
In the H1 chart, the pair is forming a new descending impulse. The next target is the retracement of 76.0% at 1173.20.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the USDCHF completed the downtrend at the retracement of 61.8% at 0.9525 and then started a new uptrend, which has already reached the retracement of 50.0%. The next upside targets may be the retracements of 61.8% and 76.0% at 0.9867 and 0.9942 respectively. The support level is the low at 0.9542.
In the H1 chart, the pair is trading upwards to reach the retracement of 61.8% at 0.9867. At the same time, the divergence is being formed, which may indicate a new pullback after the instrument reaches its upside targets.
