XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD is still being corrected sideways; the closest target is the retracement of 23.6% at 1274.33. The next possible downside targets may be the retracements of 38.2 and 50.0% at 1259.40 and 1247.35 respectively. However, if the price breaks the high at 1298.74, the instrument may resume growing to reach its mid-term target at 1316.02 (the retracement of 76.0%).
In the H1 chart, the pair is breaking its consolidation range in the form of the Triangle downwards. The current descending impulse is heading towards the retracement of 23.6% at 1274.33.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the correctional uptrend has already broken the retracement of 50.0% and right now is getting closer to the retracement of 61.8% at 0.9970. 61.8%. The next target may be the retracement of 76.0% at 1.0029. The key resistance level is the high at 1.0128; the support – 0.9716.
In the H1 chart, the pair is trading upwards to reach the retracement of 61.8% at 0.9970. At the same time, there is a divergence on MACD, which may indicate a possible pullback after the price reaches its targets. The support is at 0.9922.
