XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after rebounding from the support area, XAUUSD has re-tested 23.6% fibo. A rebound from the support area may be a signal in favor of a further correction. In this case, the correctional targets may be 38.2%, 50.0%, and 61.8% fibo at 1785.00, 1818.15, and 1851.32 respectively. After completing the correction and breaking the low, the market may continue falling to reach its mid-term target, which is 50.0% fibo at 1617.50.
The H1 chart shows a more detailed structure of the current descending correction. After reaching 23.6% fibo, the asset is testing this level and trying to break it. The next downside targets may be 38.2%, 50.0%, 61.8%, and 76.0% fibo at 1727.73, 1718.22, 1708.71, and 1697.27 respectively. A breakout of the local high at 1758.66 will lead to further mid-term growth.
USDCHF, “US Dollar vs Swiss Franc”
In the H4 chart, a divergence on MACD made USDCHF reverse after reaching 50.0% fibo at 0.9594 and start a new decline, which has already reached 38.2% fibo and may later continue falling towards 50.0%, 61.8%, and 76.0% fibo at 0.9172, 0.9101, and 0.9015 respectively. The key resistance is the high at 0,9473.
The H1 chart shows a stable downtrend. There was a slight pullback after a local convergence on MACD but right now, the price is falling again to reach 50.0% fibo at 0.9172.
