XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, a local divergence on MACD made XAUUSD complete the ascending wave at 38.2% fibo and start a new pullback. The rising dynamics on MACD implies a further uptrend towards 50.0%, 61.8%, and 76.0% fibo at 1818.15, 1851.32, and 1892.40 respectively. However, even this technical picture may transform the local pullback into a new descending wave to reach the low at 1676.78.
The H1 chart shows a more detailed structure of the current local correction after a divergence on MACD. After getting close to 38.2% fibo at 1769.50, the asset has rebounded from it. The next descending wave may be heading towards 50.0% and 61.8% fibo at 1760.75 and 1752.00 respectively. Only a breakout of the current high at 1797.87 will complete the correction.
USDCHF, “US Dollar vs Swiss Franc”
In the H4 chart, the descending wave in USDCHF has broken 50.0% fibo. However, there is a convergence on MACD that may indicate a possible correction. The next descending structure may be heading towards 61.8% and 76.0% fibo at 0.9100 and 0.9015 respectively, or even the low at 0.8871. If the convergence does push the asset upwards, a new rising wave may reach the high at 0,9473, a breakout of which may lead to a further uptrend to test the long-term 50.0% fibo at 0.9496.
The H1 chart shows potential short-term correctional targets, 23.6%, 38.2%, 50.0%, and 61.8% fibo at 0.9204, 0.9255, 0.9116, and 0.9339 respectively. The local support is the low at 0.9121.