XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the divergence made XAUUSD reverse and start a new descending correction, which has already reached the retracement of 50.0%. The next short-term downside targets may be the retracements of 61.8% and 76.0% at 1329.40 and 1321.20 respectively. If the pair breaks the support level at 1302.04, the mid-term sideways movement may continue. After the price breaks the high at 1366.04, the instrument may continue growing towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1390.00 and 1405.00 respectively.
In the H1 chart, XAUUSD is still being corrected to the downside towards the retracements of 61.8% and 76.0% at 1329.40 and 1321.20 respectively.
USDCHF, “US Dollar vs Swiss Franc”
In the H4 chart, USDCHF is still moving upwards. The next upside targets may be the retracement of 61.8% and 76.0% % at 0.9712 and 0.9832 respectively. The main support level is the current low at 0.9187.
In the H1 chart, the short-term sideways movement is heading towards the local high at 0.9649. if the price breaks this level, the instrument may continue trading towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 0.9694 and 0.9721 respectively.
RoboForex Analytical Department
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.
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