XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after reaching the retracement of 23.6%, XAUUSD has started a new short-term descending correction towards the retracements of 38.2% and 50.0% at 1193.60 and 1187.40 respectively. After finishing this pullback and breaking the high at 1214.30, the price may continue trading to reach the retracement of 38.2% at 1238.40.
In the H1 chart, the convergence made the pair complete the correctional trend. In case the descending correction continues, the downtrend may reach the retracements of 61.8% and 76.0% at 1195.00 and 1190.70 respectively. The upside target will be the high at 1214.30.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the correctional downtrend continues; the pair is getting close to the retracement of 50.0% at 0.9629. The resistance level is the high at 1.0068.
In the H1 chart, the convergence made USDCHF reverse and start a new rising correction, which has already reached the retracement of 23.6%. The next possible targets are the retracements of 38.2%, 50.0%, and 61.8% at 0.9734, 0.9759, and 0.9784 respectively.
