XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the previous ascending impulse hasn’t been able to break the resistance level and, as a result, the pair has resumed the mid-term correction. If XAUUSD breaks the high at 1366.04, the instrument may continue trading towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1390.50 and 1405.30 respectively. The support level is at 1302.83.
In the H1 chart, the convergence made the pair reverse and start a new growth, which has already reached the retracement of 23.6%. The next upside targets may be the retracements of 38.2%, 50.0%, and 61.8% at 1334.80, 1339.17, and 1343.30 respectively.
USDCHF, “US Dollar vs Swiss Franc”
In the H4 chart, USDCHF has broken the previous local high and right now is trading towards the retracement of 50.0% at 0.9613. The next upside target may be the retracement of 61.8% at 0.9713. The support level is at 0.9388.
In the H1 chart, the pair is being corrected to the downside and has already reached the retracement of 38.2%. The next correctional targets are the retracements of 50.0% and 61.8% at 0.9509 and 0.9492 respectively.
RoboForex Analytical Department