XAUUSD, “Gold vs US Dollar”
In the H4 chart, after completing a slight correction and breaking the previous high, XAUUSD is still trading upwards. The short-term targets are inside the post-correctional extension area between 138.2% and 161.8% fibo at 1555.95 and 1569.27 respectively; the long-term target is 76.0% fibo at 1616.45. The local support is the low at 1479.45.
As we can see in the H1 chart, there was a gap at the beginning of today’s trading session and the pair started a new short-term pullback, which has already reached 23.6% fibo. The next downside targets may be 38.2% and 50.0% fibo at 1531.05 and 1523.70 respectively. If the price breaks the local high at 1554.99, the uptrend will continue.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the previous correctional uptrend has reached 61.8% fibo; right now, the price is falling towards the low at 0.9660. After breaking the low, the instrument may continue falling towards the post-correctional extension area between 138.2% and 161.8% fibo at 0.9586 and 0.9522 respectively.
In the H1 chart, after finishing the descending impulse, USDCHF is being corrected to the upside; it has already reached 38.2% fibo and may yet continue towards 50.0% fibo at 0.9795. The support is the low at 0.9713.
