XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD is trading inside the triangle pattern, which means that the price is still being corrected downwards and has already reached the retracement of 38.2%. However, the pair may continue falling towards the retracements of 50.0% (1301.30) and 61.8% (1286.11) only if it breaks the local low at 1307.07. The short-term resistance at 1361.71 may slow down the ascending impulse. The main resistance level is the high at 1366.04: if the instrument breaks it, it may trade towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1388.55 and 1402.44 respectively.
Risk Warning: the results of previous trading operations do not guarantee the same results in the future.
In the H1 chart, the convergence made the pair start a new correction, which has already reached the retracement of 50.0%. In the future, the correction may continue towards the retracements of 61.8% and 76.0% at 1345.00 and 1351.82 respectively. However, there is another possible scenario, which implies that the instrument may fall to break the low at 1321.14 and then continue falling towards 1307.07.
Risk Warning: the results of previous trading operations do not guarantee the same results in the future.
USDCHF, “US Dollar vs Swiss Franc”
In the H4 chart, the convergence made USDCHF reverse and start a new ascending correction, which has already reached the retracement of 23.6%. The next targets of the correction may be the retracements of 38.2%, 50.0%, and 61.8% at 0.9465, 0.9550, and 0.9637 respectively. The main support level is the low at 0.9187.
Risk Warning: the results of previous trading operations do not guarantee the same results in the future.
In the H1 chart, the pair started a new correction after the divergence and has already reached the retracement of 38.2%. The next downside targets may be the retracements of 50.0% and 61.8% at 0.9298 and 0.9187 respectively.
Risk Warning: the results of previous trading operations do not guarantee the same results in the future.
RoboForex Analytical Department