XAUUSD, “Gold vs US Dollar”
In the H4 chart, the mid-term correction continues. The closest downside target is the retracement of 50.0% at 1301.31. After breaking the short-term support level, XAUUSD may continue falling towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1288.43 and 1279.60 respectively. The main resistance level is at 1340.41.
As we can see in the H1 chart, the pair is trading towards the local low at 1302.83 and the retracement of 50.0% at 1301.31. However, the convergence that is being formed indicate a possible short-term pullback in the future.
USDCHF, “US Dollar vs Swiss Franc”
In the H4 chart, USDCHF continues moving upwards and which has already reached the retracement of 38.2%. The next target of the correctional uptrend may be the retracement of 50.0% at 0.9615. The main support level is at 0.9389. However, the divergence that is being formed indicates that the price may start a new pullback after reaching its targets.
In the H1 chart, the pair is being corrected to the upside towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.9576 and 0.9602 respectively. In the short-term, we can expect a pullback towards the retracement of 38.2% at 0.9506.
RoboForex Analytical Department