XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD has broken the previous significant high and may continue the ascending tendency in the shirt-term. Right now, the pair is being corrected after the divergent and has already reached 23.6%. The next targets may be the retracements of 38.2%, 50.05%, and 61.8% at 1318.13, 1308.91, and 1299.74 respectively. The resistance is at 1348.20.
The H1 chart shows more detailed structure of the current descending tendency. The closest downside target is the retracement of 38.2% at 1318.13.
USDCHF, “US Dollar vs Swiss Franc”
In the H4 chart, USDCHF is steadily trading inside the long-term downtrend. By now, the pair has almost reached the retracement of 38.2%. The next downside target may be the retracement of 50.0% at 0.9712. The current movement may be considered as a short-term correction. The resistance is at 0.9989.
As we can see in the H1 chart, the pullback has reached the retracement of 38.2%. The next upside targets may be the retracements of 50.0% and 61.8% at 0.9976 and 1.0005 respectively. if the instrument breaks the low at 0.9854, the downtrend will continue.
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.