XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD is trading to the downside and has already reached the post-correctional extension area between the retracements of 138.2% and 161.8%. In the nearest future, the instrument may start a new pullback towards the resistance level at 1282.09.
In the H1 chart, the convergence made the pair reverse and start a new correction to the upside, which has already reached the retracement of 23.6%. The next targets may be the retracements of 38.2% and 50.0% at 1279.70 and 1285.30 respectively.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, USDCHF has been corrected upwards by 76.0%. The current movement, which is getting closer towards the support level at 0.9852, may be described as a pullback to the downside. However, if the instrument breaks 0.9993, it may continue growing to reach the high at 1.0056.
In the H1 chart, the pair has been corrected downwards by 61.8%. At the same time, one can see the convergence being formed, which may indicate a new rising impulse towards the short-term high in the nearest future.
