XAU USD, “Gold vs US Dollar”
As we can see at the H4 chart, after breaking the high at 1260.42, the XAU/USD pair continued falling towards 1243.40. This level is very close to the upside border of the post-correctional extension area between the retracements of 138.2% and 161.8% at 1241.86 and 1232.22 respectively, where the next downside targets are located.
At the H1 chart, we can see the divergence, which may indicate a possible reverse or a short-term ascending correction with the targets at the retracements of 23.6%, 38.2%, and 50.0% at 1254.55, 1261.20, and 1266.46 respectively.
USD CHF, “US Dollar vs Swiss Franc”
At the H4 chart, the downtrend was finished after the convergence and the USD/CHF pair started the correction, which has already reached the retracement of 76.0%. The next target may be the current high at 1.0037. After breaking this level, the price may move towards the post-correctional extension area between the retracements of 138.2% and 161.8%. However, one should exclude a possibility that the pair may resume falling to reach the local low at 0.9734 and break it. In this case, the instrument may fall towards another the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.9636 and 0.9580 respectively.
As we can see at the H1 chart, the pair is being corrected and may continue falling towards the retracements of 38.2%, 50.0%, and 61.8% at 0.9883, 0.9854, and 0.9825 respectively.
RoboForex Analytical Department