XAU USD, “Gold vs US Dollar”
At the H4 chart, the divergence made the XAU/USD pair start a new descending correction. The targets of this decline are the retracements of 23.6%, 38.2%, 50.0%, and 61.8% at 1339.06, 1323.11, 1309.19 and 1295.94 respectively. After finishing the correction and breaking the high, the instrument may continue growing towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1403.28 and 1431.66 respectively.
At the H1 chart, the situation is similar and confirms the scenario described above. The current movement is supported by the retracement of 23.6% at 1339.06. The resistance level is the high at 1366.04.
USD CHF, “US Dollar vs Swiss Franc”
At the H4 chart, the downtrend continues; it has already broken the low and reached the retracement of 50.0%. The next downside target is the retracement of 61.0% at 0.9120, which is inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.9183 and 0.9037 respectively.
As we can see at the H1 chart, the USD/CHF pair is being corrected to the upside and has already reached the retracement of 38.2%. The next targets are the retracements of 50.0% and 61.8% at 0.9464 and 0.9505 respectively.
RoboForex Analytical Department