XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD is correcting upwards and has already reached 38.2% fibo. The next upside targets may be 50.0% and 61.8% fibo at 1818.15 and 1851.32 respectively. After completing the correction and breaking the low at 1676.78, the market may continue falling to reach its mid-term target, which is 50.0% fibo at 1617.50.
The H1 chart shows that after breaking 38.2% fibo to the upside, the pair is trying to fix above it. At the moment, the asset is rising towards 50.0% fibo at 1818.50 but there is a divergence on MACD, which may indicate a possible pullback. In this case, the correctional target may be the support at 1743.47.
USDCHF, “US Dollar vs Swiss Franc”
In the H4 chart, a divergence on MACD made USDCHF finish the ascending wave and start a new decline, which has already reached 38.2% fibo and is currently approaching 50.0% fibo at 0.9116. After that, the market may continue falling towards 61.8% and 76.0% fibo at 0.9031 and 0.8930 respectively. If later the price breaks 76.0% fibo, it may attack the low at 0.8758. The key resistance is the high at 0,9473, a breakout of which may lead to a further uptrend towards the long-term 50.0% fibo at 0.9496.
As we can see in the H1 chart, after a thorough test of 38.2% fibo at 0.9200, the pair has broken it, and now it’s a resistance level. Possibly, the asset may reach 50.0% fibo at 0.9116 and then start a new pullback towards the resistance – this scenario is confirmed by a divergence on MACD.