XAU USD, “Gold vs US Dollar”
At the H4 chart, the XAU/USD pair is forming a new descending impulse, which has already corrected the previous uptrend by 76.0%. The next downside target may be the local low at 1260.60. if the price breaks it, the instrument may move towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1243.30 and 1232.74 respectively.
As we can see at the H1 chart, the pair is trading towards 1260.60. At the same time, the convergence is being formed, which may indicate a reverse to the upside. The main targets of this possible uptrend are the retracements of 50.0% and 61.8% at 1283.30 and 1288.60 respectively.
USD CHF, “US Dollar vs Swiss Franc”
As we can see at the H4 chart, the USD/CHF pair has already been corrected to the upside by 50.0% and may continue growing towards the retracements of 61.8% at 0.9990. The divergence that is being formed at the moment may indicate a possible correction after the price reaches its target. The closest targets of this possible correction will be the retracements of 23.6% and 38.2% at 0.9857 and 0.9774 respectively.
At the H1 chart, the closest target of the uptrend is the retracement of 261.8% at 0.9957. The divergence, which is being formed right now, may show a possible correction to the downside with the target in the area between the retracements of 23.6% and 61.8% at 0.9904 and 0.9821 respectively.
RoboForex Analytical Department