XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the divergence on MACD made XAUUSD complete the rising wave at 61.8% fibo and start a new descending correction, which has already reached 38.2% fibo. The pair is expected to test this area and then start a new wave to the downside. After finishing the pullback, the instrument may resume trading upwards to reach the high at 1611.29 and the post-correctional extension area between 138.2 and 161.8% fibo at 1599.45 and 1625.70 respectively.
In the H1 chart, after reaching 38.2% fibo, the pair is correcting to the upside. After finishing the pullback, the price is expected to start a new decline towards 50.0% and 61.8% fibo at 1530.30 and 1511.70 respectively.
USDCHF, “US Dollar vs Swiss Franc”
In the daily chart, the pair is testing the low it broke earlier, thus indicating a further descending tendency. After testing the low, USDCHF may start a new pullback towards the resistance at 38.2% fibo (0.9835). the next mid-term downside targets are 61.8% and 76.0% fibo at 0.9588 and 0.9438 respectively, which are inside the post-correctional extension area between 138.2 and 161.8% fibo at 0.9520 and 0.9433 respectively.
As we can see in the H4 chart, the instrument is correcting upwards to reach 23.6% fibo and may later continue towards 38.2% and 50.0% fibo at 0.9790 and 0.9835 respectively. if the price breaks the low at 0.9646, the descending tendency 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.