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.
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.
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.
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.
