XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after being corrected by 23.6%, XAUUSD is forming a new descending impulse. If the price breaks the low at 1280.88, the instrument may continue falling towards the retracements of 50.0% and 61.8% at 1271.60 and 1253.83 respectively.
In the H1 chart, the current downtrend has already reached the retracement of 76.0%. The next downside target is the low at 1280.88. If later the price breaks the low, the instrument may continue falling to reach not only the retracement of 50.0% at 1271.60, but also the post-correctional extension area between the retracements of 138.2% and 161.8% at 1269.57 and 1262.60 respectively.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the correctional uptrend has already reached the retracement of 61.8%. The next upside target may be the retracement of 76.0% at 1.0069. The key support level is the low at 0.9894.
In the H1 chart, there was a divergence, which made the pair start a new decline, which has already reached the retracement of 23.6%. The next downside targets may be the retracement of 38.2%, 50.0%, and 61.8% at 0.9988, 0.9970, and 0.9952 respectively. The resistance level is the local high at 1.0046.
