XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD has completed its sideways correction without reaching the retracement of 23.6%. After breaking the high, the price is trading upwards to reach the mid-term retracement of 76.0% at 1316.02. At the same time, there might be a divergence on MACD to indicate that the current uptrend may be over soon.
In the H1 chart, the pair is trying to fix above the broken resistance level. In the short-term, the instrument may fall towards 1298.47.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, after reaching the retracement of 61.8% and finishing the ascending wave, USDCHF has been corrected to the downside by 50.0%. The key support level is at 0.9835. After completing the correction, the instrument may start a new uptrend towards the retracement of 76.0% at 1.0029.
The H1 chart shows more detailed structure after the divergence. The pair has been corrected to the downside by 38.2% and may continue falling towards the retracements of 50.0% and 61.8% at 0.9895 and 0.9872 respectively. At the same time, there is a convergence on MACD. The resistance is the high at 0.9990.
