XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the short-term correction didn’t last long and was followed by a quick growth, which may continue towards the current high at 1611.29 and then the post-correctional extension area between 138.2 and 161.8% fibo at 1599.00 and 1625.70 respectively. If the price tests the high and rebounds from it, the instrument may start a new descending wave to reach 50.0% and 61.8% fibo at 1530.60 and 1511.80 respectively.
The H1 chart shows more detailed structure of the current growth. The pair is heading towards 76.0% fibo at 1593.10 and may later continue growing to reach the high. The support is the local low at 1535.89.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the convergence madу the pair start a new correctional uptrend towards 23.6% fibo. Right now, the price is trading close to this level, but may later continue growing to reach 38.2 and 50.0% fibo at 0.9770 and 0.9818 respectively. The support is the low at 0.9613.
In the H1 chart, the divergence made the pair reverse after reaching its mid-term target and start a new pullback, which has reached 50.0% fibo. The current growth is once again testing the above-mentioned mid-term target. However, if the price breaks the high at 0.9729, the instrument may continue trading upwards. Otherwise, the instrument may resume falling to reach 61.8% and 76.0% fibo at 0.9657 and 0.9641 respectively.