XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the divergence made XAUUSD start a new descending correction, which is heading towards the retracement of 23.6% at 1287.00. The next targets of this pullback may be the retracements of 38.2% and 50.0% at 1262.75 and 1243.20 respectively. The resistance level is the high at 1326.23.
In the H1 chart, there are two possible scenarios. According to the first one, the pair has reached the retracement of 50.0% and right now is finishing the local pullback due to the convergence on MACD. The second scenario implies that the price may form a new rising impulse towards the retracements of 61.8% and 76.0% at 1317.20 and 1320.60 respectively, or even break the high. The support level is at 1302.74. If the instrument breaks it, the pair may continue the long-term downtrend.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, USDCHF completed a quick and volatile rising impulse, broke the previous high, but then returned to the downside. The mid-term support is at 0.9874. If the price breaks the previous high, the pair may continue growing towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.0285 and 1.0383 respectively. The resistance level is the high at 1.0149.
In the H1 chart, after finishing the rising impulse, the pair started a new pullback, which has already reached the retracement of 38.2%. In the future, the uptrend may continue towards the retracements of 50.0% and 61.8% at 0.9932 and 0.9881 respectively.
