XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the long-term correctional uptrend continues; it has already reached the retracement of 50.0%. The next upside target may be the retracement of 61.8% at 1287.00. At the same time, there is divergence at MACD, which may indicate a reverse after the price reaches the target. The local support level is at 1208.68.
In the H1 chart, after reaching the retracement of 50.0%, the pair started a new correction to the upside. If the price breaks the high at 1266.47, the instrument may trade towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1271.21 and 1274.15 respectively.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, after USDCHF reached the retracement of 50.0% at 0.9835, the convergence made it reverse and start a new rising impulse. The local resistance is at 0.9990, the key one – the high at 1.0128.
The H1 chart shows more detailed structure. The pair has already reached the retracement of 38.2% and may continue trading towards the retracements of 50.0%, 61.8%, and 76.0% at 0.9984, 1.0019, and 1.0059 respectively.
