XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the correctional uptrend has only reached 23.6% fibo. It seems as if in the nearest future the pair may form a new descending impulse to break the low at 1676.79 and then continue falling towards the key target, which is 50.0% fibo at 1617.50. However, this should distract us from another possible scenario, which implies a further correctional uptrend to reach 38.2% and 50.0% fibo at 1785.00 and 1818.15 respectively.
In the H1 chart, the asset is falling after a local divergence but this might be just an internal correction. The first descending impulse has reached 38.2% fibo, while the next one may be heading towards 50.0%, 61.8%, and 76.0% fibo at 1716.09, 1706.85, and 1695.75 respectively. However, if the price grows and breaks the local high at 1755.52, XAUUSD may extend its mid-term correctional uptrend.
USDCHF, “US Dollar vs Swiss Franc”
The H4 chart shows that USDCHF continues correcting downwards after completing a quick rising wave. After reaching 23.6% fibo, the asset has completed another pullback and may be getting ready for a new decline to reach 38.2% and 50.0% fibo at 0.9183 and 0.9123 respectively. However, if the asset breaks the resistance at 0.9376, the correction will be over and the instrument may continue its mid-term growth towards 50.0% fibo at 0.9496.
As we can see in the H1 chart, the local pullback reached 61.8% fibo and may be followed by a new descending impulse to break the local low at 0.9213. After breaking this level, the asset may continue the descending correction.
