XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, a local divergence on MACD made XAUUSD complete the ascending wave at 38.2% fibo and start a new pullback to the downside. After the pullback is over, the rising dynamics may resume towards 50.0%, 61.8%, and 76.0% fibo at 1818.15, 1851.32, and 1891.40 respectively. The scenario that implies a further downtrend towards the low at 1676.78 is very unlikely.
In the H1 chart, a convergence on MACD made the pair stop the correctional downtrend at 50.0% fibo and start a new growth. There is a possibility of another descending impulse towards 61.8% fibo at 1752.00 but the key scenario implies a further uptrend to reach the current high at 1797.87.
USDCHF, “US Dollar vs Swiss Franc”
In the H4 chart, a convergence on MACD made the pair stop at 61.8% fibo and start a new ascending wave towards the high at 0.9473. Another scenario suggests one more decline to reach 76.0% fibo at 0.9015 but it is very unlikely.
The H1 chart shows potential short-term upside targets after a convergence on MACD – 23.6%, 38.2%, and 50.0% fibo at 0.9173, 0.9230, and 0.9277 respectively. The local support is the low at 0.9080.
