XAUUSD, “Gold vs US Dollar”
In the H4 chart, the mid-term downtrend continues. The support level is the local low at 1302.60. If XAUUSD breaks it, the instrument may trade towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1288.40 and 1284.00 respectively.
Risk Warning: the results of previous trading operations do not guarantee the same results in the future.
As we can see in the H1 chart, the pair has been corrected to the upside by 38.2%. In the future, this ascending correction may continue towards the retracements of 50.0% and 61.8% at 1326.60 and 1329.85 respectively. However, the main trend remains bearish, that’s why the pair may yet break the local low at 1312.85 and then continue moving downwards to reach its long-term downside targets.
Risk Warning: the results of previous trading operations do not guarantee the same results in the future.
USDCHF, “US Dollar vs Swiss Franc”
In the H4 chart, the convergence made USDCHF reverse and start a new ascending correction, which has already reached the retracement of 38.2%. The next targets of the correctional uptrend may be the retracements of 50.0% and 61.8% at 0.9580 and 0.9675 respectively. The main support level is at 0.9372.
Risk Warning: the results of previous trading operations do not guarantee the same results in the future.
In the H1 chart, the pair is trading upwards. However, we can see the divergence being formed, which may indicate that after reaching its targets, the instrument may be corrected towards the retracements of 23.6%, 38.2%, and 50.0% at 0.9489, 0.9431, and 0.9385 respectively.
Risk Warning: the results of previous trading operations do not guarantee the same results in the future.
RoboForex Analytical Department