XAU USD, “Gold vs US Dollar”
As we can see at the H4 chart, the downtrend continues, but a bit slower. The support level is still the local low at 1260.67. If the XAU/USD pair breaks it, the instrument may fall towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1243.61 and 1232.72 respectively.
At the H1 chart, the pair is about to finish the descending correction, which has already reached the retracement of 61.8% and may yet continue towards the one of 76.0% at 1271.00. We should note that this decline might transform into a new descending impulse. After breaking the local low at 1265.50, the price may fall towards its next targets inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 1256.82 and 1251.46 respectively.
USD CHF, “US Dollar vs Swiss Franc”
At the H4 chart, the uptrend continues, but right now the USD/CHF pair is forming a short-term correction to the downside, which has already reached the retracement of 38.2%. The next targets of this correction are the retracements of 50.0% and 61.8% at 0.9887 and 0.9851 respectively. If the price breaks the high at 1.0036, the uptrend will continue.
At the H1 chart, the current situation is the same.
RoboForex Analytical Department