XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after re-testing 38.2% fibo, XAUUSD has stopped the descending wave in order to start a new correctional uptrend. One of the possible scenarios implies that the pair may break the current high at 1611.29 and reach the post-correctional extension area between 138.2 and 161.8% fibo at 1599.45 and 1625.70 respectively. However, the major scenario suggests that the instrument may continue its decline towards 50.0% and 61.8% fibo at 1530.60 and 1511.80 respectively.
In the H1 chart, the correctional uptrend has reached 61.8% fibo and may yet continue towards 76.0% fibo at 1582.27. However, if the price resumes falling towards the support at 38.2% fibo, the pair may continue trading downwards to reach the low at 1547.42. In case of a breakout, the mid-term decline may continue.
USDCHF, “US Dollar vs Swiss Franc”
The H4 chart shows a new rising wave, which followed the previous descending impulse. By now, the wave has already reached 38.2% fibo. The next upside targets may be 50.0% and 61.8% fibo at 0.9818 and 0.9866 respectively. The support is the low at 0.9613.
As we can see in the H1 chart, there is a divergence on MACD within the uptrend, which may indicate a possible pullback soon. The targets may be 23.6%, 38.2%, and 50.0% fibo at 0.9746, 0.9724, and 0.9705 respectively.
