XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after an attempt to test 61.8% fibo at 1922.50 and a divergence on MACD, the asset has formed a correctional descending wave. Possibly, after completing a short-term pullback, the pair may form another descending impulse. At the same time, the current rising movement may transform into a proper ascending wave to break 61.8% fibo at 1922.50 and then reach 76.0% fibo at 1979.00. The key support remains the low at 1676.78.
The H1 chart shows a more detailed structure of the current correction, which may be considered as an internal pullback within the first descending correctional downtrend towards 23.6% fibo. In case of a new descending wave, its target will be 38.2% fibo at 1825.38. on the other hand, if the price breaks the high at 1916.52, the correction will be over.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, after testing 23.6% fibo at 0.9058, the current correctional uptrend hasn’t been able to transform into a proper rising wave. If USDCHF breaks this level, the next target may be 38.2%, 50.0%, and 61.8% fibo at 0.9139, 0.9202, and 0.9267 respectively. The support is the low at 0.8930.
The H1 chart shows more detailed dynamics of the current decline, which has already tested 50.0% fibo and may continue towards 61.8% and 76.0% fibo at 0.8978 and 0.8960 respectively. If the asset breaks these levels, it may continue falling to reach the post-correctional extension area between 138.2% and 161.8% fibo at 0.8883 and 0.8854 respectively. The resistance is the high at 0.9054.
