XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD has broken the previous significant high and may continue the ascending tendency in the short-term. Right now, the pair is being corrected after the divergence; the support is at 1319.85. The next upside targets are short-term and mid-term ones: the former are inside the post-correctional extension area between 138.2% and 161.8% fibo at 1358.90 and 1365.75 respectively, while the latter are inside the post-correctional extension area between 138.2% and 161.8% fibo at 1377.10 and 1396.30 respectively.
The H1 chart shows more detailed structure of the current descending correction, which has already reached 23.6% fibo. The next downside targets are 38.2% and 50.0% fibo at 1324.30 and 1313.85 respectively.
USDCHF, “US Dollar vs Swiss Franc”
In the H4 chart, USDCHF is forming a new correction within the long-term downtrend. After completing the correction, the pair may resume falling towards 38.2% fibo at 0.9836. The next downside target may be 50.0% fibo at 0.9712.
As we can see in the H1 chart, the rising pullback has reached 38.2% fibo. The next upside target may be 50.0% fibo at 1.0040. At the same time, there is a divergence on MACD indicating that the current growth may be over soon. If the instrument breaks the low at 0.9854, the downtrend will continue.
