XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after completing the correction, XAUUSD is forming another wave to the downside, which has already reached the retracement of 38.2%. The next target may be the retracement of 50.0%. The current decline is heading towards the low at 1266.23. If the price breaks it, the instrument may continue falling towards the mid-term retracement of 61.8% at 1253.72.
In the H1 chart, the pair is trading downwards steadily. The target is the low at 1266.23. After that, the instrument may start a new pullback.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, after reaching the retracement of 50.0%, USDCHF started a short-term pullback to the upside. The next downside targets may be the retracements of 61.8% and 76.0% at 1.0025 and 0.9976 respectively. However, the pullback may transform into a new rising impulse; the possible target is the high at 1.0236.
As we can see in the H1 chart, the current rising correction has already reached the retracement of 38.2%. The next upside targets may be the retracements of 50.0% and 61.8% at 1.0138 and 1.0159 respectively. At the same time, there is a divergence on MACD, which may indicate a trend reverse towards the low at 1.0050.
