XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after reaching the retracement of 38.2%, XAUUSD has started a new pullback with the target at the retracement of 23.6% at 1311.20. After completing the pullback, the pair may resume trading downwards. The next downside targets may be the retracements of 50.0%, 61.8%, and 76.0% at 1271.50, 1253.60, and 1232.40 respectively.
In the H1 chart, the convergence made the pair reverse and start a new growth, which has already reached the retracement of 38.2%. The next possible targets may be the retracements of 50.0% and 61.8% at 1305.30 ad 1311.20 respectively. The key support level is the low at 1280.71.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, USDCHF is forming a new rising wave; it has already reached the retracement of 76.0%. Right now, the pair is being corrected downwards to reach the short-term retracement of 50.0% at 1.0038. The next ascending impulse will be heading towards the high at 1.0149. After breaking it, the instrument may continue growing towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.0234 and 1.0286 respectively.
In the H1 chart, the pair is being corrected downwards to reach the retracement of 38.2% and 50.0% at 1.0062 and 1.0044 respectively. The resistance level is the high at 1.0124.
