XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, a local divergence on MACD made XAUUSD complete the ascending wave at 38.2% fibo and start a new pullback to the downside. After the pullback is over, the rising dynamics may resume towards 50.0%, 61.8%, and 76.0% fibo at 1818.15, 1851.32, and 1891.40 respectively. The scenario that implies a further downtrend towards the low at 1676.78 is very unlikely.
In the H1 chart, a convergence on MACD made the pair stop the correctional downtrend at 50.0% fibo and start a new growth. There is a possibility of another descending impulse towards 61.8% fibo at 1752.00 but the key scenario implies a further uptrend to reach the current high at 1797.87.
USDCHF, “US Dollar vs Swiss Franc”
In the H4 chart, a convergence on MACD made the pair stop at 61.8% fibo and start a new ascending wave towards the high at 0.9473. Another scenario suggests one more decline to reach 76.0% fibo at 0.9015 but it is very unlikely.
The H1 chart shows potential short-term upside targets after a convergence on MACD – 23.6%, 38.2%, and 50.0% fibo at 0.9173, 0.9230, and 0.9277 respectively. The local support is the low at 0.9080.
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.