XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD is forming a new descending impulse, which has already reached the retracement of 50.0%. At the same time, there is a convergence on MACD, which may indicate a new pullback towards the local resistance at 1289.20. After finishing the pullback, the instrument may start another descending impulse to reach the retracement of 61.8% at 1253.65.
In the H1 chart, the convergence made the pair start a new rising correction, which is getting close to the retracement of 23.6% at 1280.50. The next upside target may be the retracements of 38.2% and 50.0% at 1286.25 and 1290.80 respectively. The support is tat 1271.14.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, USDCHF is testing its mid-term high to break it. In case the price succeeds and fixes above it, the instrument may continue growing to reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.0247 and 1.0306 respectively. The support is the retracement of 76.0% at 1.0088.
In the H1 chart, the pair is testing the high and may start a new short-term pullback after it. The downside targets may be the retracement of 23.6%, 38.2%, and 50.0% at 1.0120, 1.0097, and 1.0078 respectively. The resistance level is the local high at 1.0159.
