XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD is forming another correctional wave to the downside after a divergence on MACD. Possibly, after completing a short-term growth, the pair may form another descending impulse. At the moment, the asset is re-testing 23.6% fibo and trying to break it. The next downside targets will be 38.2%, 50.0%, and 61.8% fibo at 1825.38, 1797.23, and 1769.12 respectively. At the same time, a breakout of the resistance at 1916.52 may lead to a further rising movement towards the mid-term target, which is 61.8% fibo at 1922.50.
The H1 chart shows a steady descending impulse that is testing 23.6% fibo. Possibly, the price may form a short-term pullback here, which may be later followed by a further downtrend to reach 38.2% fibo at 1825.38.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, after updating its previous low and rebounding from it, USDCHF may start a new correction towards 23.6%, 38.2%, 50.0%, and 61.8% fibo at 0.9055, 0.9135, 0.9200, and 0.9264 respectively. The support is the low at 0.8926.
The H1 chart shows the first rising wave towards 23.6% fibo.
