XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD is correcting to the upside after finishing the descending wave and has already reached 23.6% fibo but may be over quite soon. Later, the market may resume falling towards 38.2% and 50.0% fibo at 1836.50 and 1736.30 respectively. The resistance remains at the high at 2074.75 but it may relocate to 1927.40 after the asset reaches 38.2% fibo at 1836.50.
The H1 chart shows a new descending wave after the local divergence, which has already reached 38.2% fibo. However, if XAUUSD rebounds from this level and then breaks the high at 1917.00, it may reach 61.8% fibo at 1926.00. Still, if the pair fails to rebounds, it may continue falling towards 50.0%, 61.8%, and 76.0% fibo at 1882.80, 1874.85, and 1865.20 respectively. The key target of this wave will be the low at 1848.67.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the daily chart, after a test of the long-term 38.2% fibo and the convergence on MACD, USDCHF has reached 23.6% fibo; right now, it is correcting to the downside. After the correction is over, the asset may resume trading upwards to reach 38.2%, 50.0%, and 61.8% fibo at 0.9472, 0.9617, and 0.9764 respectively. However, an alternative scenario implies that the price may yet break the support at 0.8999 and then reach the long-term 50.0% fibo at 0.8707.
In the H4 chart, the asset is correcting downwards and has already reached 50.0% fibo. After reaching 61.8% fibo at 0.9144, the pair is expected to start a new rising impulse towards the high at 0.9296 or even higher.
