XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the uptrend has already reached the retracement of 61.8%. The closest upside targets are the retracement of 76.0% at 1232.00 and the current high at 1243.41. In case XAUUSD breaks the high, the instrument may continue growing towards the long-term retracement of 50.0% at 1262.60, which is inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 1261.25 and 1272.55 respectively. The key support level is at 1196.26.
In the H1 chart, the pair couldn’t break the local high at 1230.03. In case the price does break it, the instrument may grow towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1237.20 and 1241.67 respectively. The support is at 1211.15.
USDCHF, “US Dollar vs Swiss Franc”
In the H4 chart, USDCHF is trading sideways. In case the downtrend continues, the price may reach the retracements of 38.2%, 50.0%, and 61.8% at 0.9904, 0.9836, and 0.9765 respectively. The resistance level is the high at 1.0128.
As we can see in the H1 chart, the pair has been corrected to the upside by 38.2%. The next targets of this pullback may be the retracements of 50.0% and 61.8% at 1.0019 and 1.0045 respectively.
