XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD is still trading to the downside. After reaching the post-correctional extension area between the retracements of 138.2% and 161.8%, the pair continued falling towards the retracement of 261.8%, which is close to the long-term support level at 1236.50. At the same time, the convergence is being formed, which may indicate a possible pullback after the instrument reaches its targets. The resistance level is at 1265.00.
In the H1 chart, the convergence made the pair reverse and start a new correction to the upside, which has already reached the retracement of 38.2%. The next target may be the retracement of 50.0% at 1259.20.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, USDCHF has failed to break the retracement of 76.0%. The price may fall towards the support level at 0.9851, thus continuing its sideways movement. However, if the pair breaks the short-term resistance level, the instrument may reach the high at 1.0056, break it, and then continue growing to reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.0158 and 1.0222 respectively.
In the H1 chart, the pair has been corrected downwards by 61.8% and may continue trading towards the retracement of 76.0% at 0.9888.
