XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD is being corrected upwards and has already reached the retracement of 23.6%. The next possible upside targets may be the retracements of 38.2%, 50.0%, and 61.8% at 1217.00, 1235.00, and 1252.00 respectively. The main support level is the low at 1160.13.
In the H1 chart, the uptrend is moving towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1208.50 and 1213.00 respectively.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the correctional downtrend continues. After reaching the retracement of 23.6%, USDCHF may continue falling towards the retracements of 38.2% and 50.0% at 0.9733 and 0.9682 respectively. The resistance level is the high at 1.0068.
In the H1 chart, the convergence made the pair reverse and start a new correction, which is getting closer to the retracement of 38.2% at 0.9869. Later, the instrument may reach the retracement of 50.0% at 0.9888. The support level is the low at 0.9808.
