XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after reaching the retracement of 50.0%, XAUUSD has formed a new ascending impulse. The next upside target may be the high at 1243.41. If the price breaks it, the instrument may continue growing towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1255.50 and 1262.49 respectively. The support level is the retracement of 23.6% at 1208.50.
In the H1 chart, the pair is trading upwards. The closest upside target is the high at 1243.41.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the divergence made USDCHF reverse and start a new correction, which has reached the retracement of 23.6%. The next downside targets may be the retracements of 38.2% and 50.0% at 0.9883 and 0.9818 respectively. The key resistance level is the high at 1.0095.
In the H1 chart, the pair has been corrected by 61.8%. If the price breaks the high, the instrument may continue growing towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.0143 and 1.0173 respectively.
