XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, over the past week, XAUUSD managed to fix above the broken high at 1764.86 and reach 1800.00. From the technical point of view, the chart shows that the pair has already reached the post-correctional extension area between 138.2% and 161.8% fibo at 1800.60 and 1823.00 respectively. After breaking this area, the instrument may try to attack its all-time high at 1920.66. However, a divergence on MACD indicates a possible pullback. The key support is at 1670.60.
In the H1 chart, after completing the rising wave, the pair is correcting downwards. By now, it has already reached 38.2% fibo and may later continue towards 50.0% fibo at 1787.50. If the price breaks the high at 1817.89, the instrument may continue the current bullish tendency.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, after breaking its previous low at 0.9367, USDCHF continues falling towards the mid-term 76.0% at 0.9350. At the same time, there is a convergence on MACD, which may indicate a possible pullback soon. However, the key downside target remains the low at 0.9176.
In the H4 chart, after correcting towards 0.9553, which is now a resistance level, the pair is moving downwards. The key short-term downside targets are inside the local post-correctional extension area between 138.2% and 161.8% fibo at 0.9309 and 0.9267 respectively. However, the convergence on MACD may indicate a slowdown in the current descending tendency.