XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, divergence on MACD madу the pair complete the correction and start a new descending wave towards the low at 1676.78. The next mid-term downside target is 50.0% fibo at 1617.50. Another scenario implies a further uptrend to reach 61.8% and 76.0% fibo at 1922.50 and 1979.00 respectively, however, it may happen only after a rebound from the low.
In the H1 chart, XAUUSD is moving downwards to reach 38.2% fibo and may later continue falling towards 50.0%, 61.8%, and 76.0% fibo at 1792.20, 1782.42, and 1770.83 respectively. At the same time, the key downside target is the local low at 1750.58. The resistance is the high at 1833.83.
USDCHF, “US Dollar vs Swiss Franc”
In the H4 chart, convergence on MACD made the pair complete the correctional downtrend. As we can see, the previous rising wave has reached 61.8% fibo, while the next one may move towards 76.0% fibo at 0.9341, while the key upside target will be the high at 0.9473. On the other hand, a breakout of the support at 0.8926 may lead to a further downtrend towards the long-term low at 0.8758 but this scenario is rather unlikely.
As we can see in the H1 chart, after testing 61.8% fibo, the ascending wave is heading towards 76.0% fibo at 0.9237. The short-term upside target is the local high at 0.9275. The support is at 0.9118.
