XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD is forming another correctional wave to the downside after a divergence on MACD. Possibly, after completing a short-term growth, the pair may form another descending impulse. At the moment, the asset is re-testing 23.6% fibo and trying to break it. The next downside targets will be 38.2%, 50.0%, and 61.8% fibo at 1825.38, 1797.23, and 1769.12 respectively. At the same time, a breakout of the resistance at 1916.52 may lead to a further rising movement towards the mid-term target, which is 61.8% fibo at 1922.50.
The H1 chart shows a steady descending impulse that is testing 23.6% fibo. Possibly, the price may form a short-term pullback here, which may be later followed by a further downtrend to reach 38.2% fibo at 1825.38.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, after updating its previous low and rebounding from it, USDCHF may start a new correction towards 23.6%, 38.2%, 50.0%, and 61.8% fibo at 0.9055, 0.9135, 0.9200, and 0.9264 respectively. The support is the low at 0.8926.
The H1 chart shows the first rising wave towards 23.6% fibo.
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.