XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after breaking the high at 1764.86, XAUUSD is trying to fix above it. In the future, the price is expected to continue growing towards the post-correctional extension area between 138.2% and 161.8% fibo at 1800.60 and 1822.70 respectively. The support is at 1670.60.
As we can see in the H1 chart, there was a divergence on MACD after the pair reached and broke the high at 1764.86, which made the price start a new correction to the downside. The first correctional impulse has already reached 23.6% fibo and may continue towards 38.2% and 50.0% fibo at 1737.75 and 1724.85 respectively. To complete the correction, XAUUSD must break the high at 1779.25.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, after breaking the local correctional Triangle pattern to the downside, USDCHF is expected to break the low at 0.9376 and continue trading downwards. At the same time, the previous rising impulse may hint at further growth towards 38.2%, 50.0%, and 61.8% fibo at 0.9577, 0.9639, and 0.9700 respectively.
The H1 chart shows a more detailed structure of the current correction after the ascending impulse. The descending wave tested 76.0% fibo at 0.9419. The rising impulse that followed almost returned the price to 23.6% fibo and may later continue to reach the local high at 0.9553.