XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after reaching the retracement of 38.2%, XAUUSD started a new pullback, which may be followed by another rising impulse towards the long-term retracement of 50.0% at 1262.60. The local support level is at 1208.60.
In the H1 chart, the divergence made the pair reverse and start a new correction, which has already reached the retracement of 38.2%. The next possible targets may be the retracements of 50.0% and 61.8^ at 1231.05 and 1226.30 respectively. If the price breaks the high at 1250.84, the mid-term uptrend will continue.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the convergence made USDCHF stop trading downwards and start a new rising impulse inside the mid-term uptrend, which is getting closer to the retracement of 50.0% at 0.9996. The next upside targets may be the retracements of 61.8% and 76.0% at 1.0027 and 1.0064 respectively. The key resistance is the high at 1.0128.
The H1 chart shows more detailed structure. The pair is getting close towards the retracement of 50.0% at 0.9996.
