XAU USD, “Gold vs US Dollar”
As we can see at the H4 chart, after a slight divergence, the XAU/USD pair has started falling towards the low at 1260.42. If the price breaks the low, the instrument may fall to reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 1242.92 and 1231.79 respectively.
At the H1 chart, the pair is forming a new descending impulse. After breaking the low at 1270.32, the price may fall towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1263.08 and 1258.64 respectively.
USD CHF, “US Dollar vs Swiss Franc”
At the H4 chart, the descending correction continues and has already reached 50.0%. At the same time, the convergence is being formed and it may indicate a possible reverse in the future. The next targets of the descending movement is the retracement of 61.8% at 0.9656. However, if we assume that the reverse has already started, then the downtrend has been corrected by 38.2%. The next targets are the retracements of 50.0% and 61.8% at 0.9885 and 0.9922 respectively.
At the H1 chart, the situation is similar and confirms the scenario described above.
RoboForex Analytical Department