XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after reaching the retracement of 23.6%, XAUUSD has started a new short-term descending correction towards the retracements of 38.2% and 50.0% at 1193.60 and 1187.40 respectively. After finishing this pullback and breaking the high at 1214.30, the price may continue trading to reach the retracement of 38.2% at 1238.40.
In the H1 chart, the convergence made the pair complete the correctional trend. In case the descending correction continues, the downtrend may reach the retracements of 61.8% and 76.0% at 1195.00 and 1190.70 respectively. The upside target will be the high at 1214.30.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the correctional downtrend continues; the pair is getting close to the retracement of 50.0% at 0.9629. The resistance level is the high at 1.0068.
In the H1 chart, the convergence made USDCHF reverse and start a new rising correction, which has already reached the retracement of 23.6%. The next possible targets are the retracements of 38.2%, 50.0%, and 61.8% at 0.9734, 0.9759, and 0.9784 respectively.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.