XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after being corrected to the upside by 38.2%, XAUUSD has broken the low and started a new descending impulse. The main target of the current downtrend is the post-correctional extension area between the retracements of 138.2% and 161.8% at 1271.90 and 1265.60 respectively.
In the H1 chart, the pair is trading towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1271.90 and 1265.60 respectively.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the convergence made USDCHF complete the downtrend, reverse, and start a new rising impulse, which has already reached the retracement of 76.0% at 0.9992. After breaking the high at 1.0056, the price may reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.0106 and 1.0224 respectively. The support level is at 0.9817.
In the H1 chart, the pair is trading towards the retracement of 76.0% at 0.9992. Later, the price may break this level and continue growing to reach the high at 1.0056.
