XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after reaching the retracement of 38.2%, XAUUSD is forming a new mid-term correction. The downside targets are the retracements of 50.0% and 61.8% at 1271.60 and 1253.83 respectively. After the previous descending impulse, there was a convergence, which may indicate a possible pullback. The local resistance level is at 1311.15.
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The H1 chart shows more detailed structure of the correction. The possible targets may be the retracements of 38.2%, 50.0%, and 61.8% at 1297.50, 1302.70, and 1307.80 respectively. If the price breaks the local low at 1280.80, the instrument may continue its decline.
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USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the correctional uptrend has already reached the retracement of 50.0%. The next upside target may be the retracement of 61.8% at 1.0034. The support level is the low at 0.9894.
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In the H1 chart, there was a divergence and the pair started a new decline, which has already reached the retracement of 23.6%. The next downside targets may be the retracement of 38.2%, 50.0%, and 61.8% at 0.9967, 0.9953, and 0.9939 respectively. The resistance level is the local high at 1.0012.
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