XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the divergence made XAUUSD finish its ascending impulse, reverse, and start a new correction to the downside, which has already reached the retracement of 76.0%. The next short-term downside targets may be at 1307.19 and 1301.30. After breaking the support level at 1301.30, the instrument may continue trading towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1285.20 and 1271.30 respectively. The resistance level is at 1336.10.
In the H1 chart, XAUUSD is trading towards 1307.19 and 1301.30. At the same time, the convergence is being formed, which may indicate a possible pullback in the future.
USDCHF, “US Dollar vs Swiss Franc”
In the H4 chart, USDCHF is still moving upwards and has already reached the retracement of 76.0%. The next upside target may be at 1.0037. The main support level is at 0.9610.
In the H1 chart, the uptrend continues, but one can see the divergence being formed, which may indicate a possible pullback towards the area between the retracements of 23.6% and 61.8%.
RoboForex Analytical Department