XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD continues forming the rising wave towards the current high at 1611.29 and then the post-correctional extension area between 138.2 and 161.8% fibo at 1599.45 and 1625.70 respectively. However, after reaching the high, the price may rebound from it and start a new decline towards 50.0% and 61.8% fibo at 1530.60 and 1511.80 respectively.
In the H1 chart, the pair has reached 76.0% fibo. At the same time, there is a divergence on MACD, which indicates a new pullback to the downside. The target is the local support at 38.2% fibo (1564.75).
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the correctional uptrend has reached 38.2% fibo at 0.9770; right now, the price is forming a new descending impulse towards the low at 0.9613. Later, the market may break the low and continue falling towards the post-correctional extension area between 138.2 and 161.8% fibo at 0.9520 and 0.9343 respectively.
In the H1 chart, USDCHF may break the low and then continue trading downwards to reach its short-term targets, which are inside the post-correctional extension area between 138.2 and 161.8% fibo at 0.9555 and 0.9518 respectively.
