XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the long-term correctional uptrend continues; it has already reached the retracement of 61.8%. The next upside target may be the retracement of 76.0% at 1316.02. At the same time, there is divergence at MACD, which may indicate a reverse after the price reaches the target. The local support level is at 1238.65.
In the H1 chart, after being corrected to the downside by 23.6%, the pair is trying to start a new impulse to the upside. If the price breaks the high at 1298.47, the instrument may trade towards its mid-term targets. However, if the instrument starts a new descending wave, its targets will be the retracements of 38.2% and 50.0% at 1273.50 and 1265.72 respectively.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the correctional downtrend continues; USDCHF has already reached the retracement of 50.0%. In the future, the price may continue falling towards the retracements of 61.8% and 76.0% at 0.9767 and 0.9682 respectively. The local resistance level is at 0.9990; the key one – the high at 1.0128.
In the H1 chart, the pair is trading sideways between the retracement of 38.2% and 50.0%. Breakout of one of the range’s borders will define the future mid-term tendency.
