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.