XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD is being corrected and has already reached the retracement of 23.6%. The next targets of this correction may be the retracements of 38.2% and 50.0% at 1313.80 and 1323.70 respectively. The support level is the low at 1282.09.
In the H1 chart, the pair has been corrected by 61.8% and right now is forming a new ascending impulse to reach the high at 1307.77. The support level is the retracement of 76.0%.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, USDCHF is still being corrected to the downside; it has already reached the retracement of 38.2% and right now is trading towards the retracements of 50.0% and 61.8% at 0.9796 and 0.9735 respectively. At the same time, one can see the convergence is being formed, which indicates that the correction may be over soon.
In the H1 chart, the pair is moving downwards to reach the retracement of 50.0% at 0.9796.
