XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, correctional waves that follow each other are forming a Triangle pattern. After re-testing 38.2% fibo, XAUUSD is forming another rising wave. The major scenario implies that the pair may break the current high at 1611.29 and reach the post-correctional extension area between 138.2 and 161.8% fibo at 1599.45 and 1625.70 respectively. However, another scenario suggests that the instrument may continue its decline towards 50.0% and 61.8% fibo at 1530.60 and 1511.50 respectively.
In the H1 chart, the uptrend has reached 61.8% fibo and may yet continue towards 76.0% fibo at 1593.20. However, there is a divergence on MACD, which may indicate a possible pullback soon; the target may be the support at 38.2% fibo (1564.67).
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the rising wave has already reached 50.0% fibo. The next upside target may be 61.8% fibo at 0.9867. At the same time, there is a divergence on MACD, which may force a pullback. The support is 38.2% fibo at 0.9613.
The H1 chart shows a more detailed structure of the current uptrend with a divergence on MACD. The pair has already reached 61.8% fibo and right now it testing it.
