XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD is correcting downwards after completing the ascending impulse. After rebounding from 76.0% fibo, the pair hasn’t been able to go any further, which means that bears probably “ran out of gas”. In this situation, both growth and decline are possible. In case of further decline, the price may break the low at 1459.09 and continue falling towards mid-term 76.0% fibo at 1428.05. otherwise, the instrument may break the resistance at 1519.57 and continue the correction to reach 76.0% fibo at 1533.08 and the key high at 1557.00.
In the H1 chart, the pair is moving sideways between 38.2% and 76.0% fibo and this consolidation may continue in the future. As a result, this technical picture implies further decline towards 76.0% fibo at 1473.60. Later, the market may even break this level and then continue falling to reach 1459.06.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, after finishing the correction, USDCHF started a new descending impulse, which has already reached 50.0% fibo and may yet continue towards 61.8% and 76.0% fibo at 0.9801 and 0.9748 respectively. the key resistance is the high at 1.0028.
In the H1 chart, there is a convergenceт MACD. If the price fails to break the low at 0.9840 in the nearest future, the instrument may start a new rising correction to reach 23.6%, 38.2%, and 50.0% fibo at 0.9877, 0.9900, and 0.9918 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.