XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD is forming a mid-term ascending wave towards the local high at 1703.17. If the pair breaks this level, it may reach 76.0% fibo at 1708.85. At the same time, the key upside targets are inside the post-correctional extension area between 138.2% and 161.8% fibo at 1798.90 and 1858.60 respectively. After testing this area, the price may correct downwards and then attack the all-time high at 1920.66. The support remains at 1451.18.
In the H1 chart, there is a divergence within the uptrend, which may indicate a new pullback soon. The short-term support is 76.0% fibo at 1642.68.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the previous ascending wave has failed to break the local high at 0.9901 and reach 76.0% fibo at 0.9982. At the moment, USDCHF is falling and may form a Triangle pattern. However, the key target of the current movement is 61.8% fibo at 0.9453.
In the H1 chart, the divergence made the pair start a new decline, which is currently slowing down at 50.0% fibo due to a convergence om MACD indicating a possible reversal. However, as long as there is no “Golden Cross” on MACD, the instrument may yet continue trading downwards to reach 61.8% fibo at 0.9615. The resistance is at 0.9797.
