XAUUSD, “Gold vs US Dollar”
In the H4 chart, the correctional uptrend has reached 23.6% fibo after a convergence on MACD; right now, the pair is trying to form a new descending wave towards the local low at 1784.93. If the price succeeds, it may later continue falling to reach the long-term 38.2% fibo at 1725.37. On the other hand, the instrument may yet form another correctional impulse to the upside to reach 50.0% fibo at 1872.00.
The H1 chart shows a new decline after the previous correctional ascending structure and a divergence on MACD, which has already reached 61.8% fibo. Later, XAUUSD may continue falling to reach 76.0% fibo and the local low at 1801.92 and 1784.93 respectively. The local resistance is the high at 1855.37.
USDCHF, “US Dollar vs Swiss Franc”
The daily chart shows a local pullback within the mid-term ascending correction, which is heading to break 23.6% fibo at 0.9107 and may later continue growing to reach 38.2% and 50.0% fibo at 0.9323 and 0.9496 respectively. However, if this pullback transforms into a proper descending wave and breaks the low at 0.8758, USDCHF may reach the long-term 50.0% fibo at 0.8707.
As we can see in the H4 chart, the correctional decline has reached 50.0% fibo. A rebound from this level may result in a new rising wave towards the high at 0.9046. Otherwise, the pair may continue falling towards 61.8% and 76.0% fibo at 0.8868 and 0.8827 respectively.
