XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after finishing the descending wave at 38.2% fibo, XAUUSD is correcting; the first correctional wave has already reached 23.6% fib and may yet continue towards 38.2% and 50.05% fibo 1488.16 and 1501.30 respectively. Completing the correctional uptrend, the instrument may break the local low at 1445.60 and continue falling towards its mid-term target, which is 50.0% fibo at 1413.85.
In the H1 chart, the convergence made the pair finish the descending correctional wave, thus indicating a new wave to the upside to reach 38.2% fibo at 1488.16.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, after completing the pullback at 50.0% fibo, USDCHF is growing towards the high at 1.0028. If the price breaks this level, the pair may continue growing to reach the long-term target, 76.0% fibo at 1.0098, which is inside the post-correctional extension area between 138.2% and 161.8% fibo at 1.0098 and 1.0143 respectively. At the same time, there is divergence on MACD, which may indicate a possible pullback.
In the H1 chart, the divergence made the pair start a new correction to the downside, which has already reached 23.6% fibo. The next correctional targets may be 38.2% and 50.0% fibo at 0.9972 and 0.9956 respectively. The resistance is the high at 1.0023.
