XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after finishing the descending correction, XAUUSD has started a new ascending impulse. The closest target may be the current high at 1243.41. If the price breaks the high, it may grow towards the retracement of 50.0% at 1262.50 to continue the long-term correctional uptrend. However, in case the instrument resumes falling, the target will be the retracements of 61.8% and 76.0% at 1191.94 and 1180.24 respectively.
In the H1 chart, the pair is being corrected to the downside and has already reached the retracement of 23.6%. The next targets may be the retracements of 38.2%, 50.0%, 61.8%, and 76.0% at 1214.23, 1210.77, 1207.40, and 1203.27 respectively. The resistance level is the high at 1225.29.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, USDCHF has been already corrected to the downside by 23.6% and may continue falling towards the retracements of 38.2% and 50.0% at 0.9904 and 0.9836 respectively. The resistance level is the high at 1.0128.
In the H1 chart, the pair is being corrected to the upside. The target of this pullback may be the retracements of 23.6%, 38.2%, and 50.0% at 1.0022, 1.0042, and 1.0059 respectively.
