XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after being corrected downwards by 61.8%, XAUUSD has formed a new rising impulse. In case the descending impulse continues, the target will be the retracement of 76.0% at 1173.00. However, if the pair breaks the high at 1214.28, the instrument may move upwards to reach the retracement of 38.2% at 1238.40.
In the H1 chart, the pair is forming a short-term descending correction, which is heading towards the retracement of 61.8% at 1193.60. The main resistance level is the high at 1208.22.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the uptrend has reached the retracement of 76.0%. At the same time, one can see the divergence being formed, which may indicate a possible pullback. After that, the instrument may break the high at 0.9955 and then continue trading upwards to reach the resistance level at 1.0068.
In the H1 chart, the divergence made USDCHF start a new decline. The possible targets ate the retracements of 23.6%, 38.2% and 50.0% at 0.9858, 0.9798, and 0.9748 respectively.
