XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD has reached the retracement of 23.6% and right now is still being corrected. After breaking the previous high at 1214.28, the price may continue trading upwards to reach the retracements of 38.2% and 50.0% at 1238.40 and 1262.50 respectively.
In the H1 chart, the downtrend continues towards the retracements of 50.0% and 61.8% at 1187.40 and 1180.80 respectively. In the nearest future, the instrument may break the short-term low at 1189.58 and then continue falling to reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 1183.10 and 1179.00 respectively.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the USDCHF is forming a new short-term pullback inside the current mid-term downtrend. The main downside targets are still the retracements of 50.0% and 61.8% at 0.9626 and 0.9530 respectively. In the nearest future, the instrument may complete the correction and trade towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.9608 and 0.9580 respectively.
In the H1 chart, the pair is being corrected upwards and has already reached the retracement of 50.0%. The next possible target is the retracement of 61.8% at 0.9719. After the price breaks the low at 0.9641, the mid-term trend may continue.
