XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after breaking 61.8% fibo, the rising wave in XAUUSD may continue growing to reach the next target at 76.0% fibo and the fractal high at 1850.00 and 1916.52 respectively. At the same time, there is divergence on MACD, which may indicate a pullback soon. If the price rebounds from 76.0% fibo and reverses, the asset may start a new decline towards the low at 1638.76.
The H1 chart shows the potential downside correctional targets after divergence on MACD, which are 23.6%, 38.2%, 50.0%, 61.8%, and 76.0 fibo at 1779.70, 1752.60, 1730.80, 1709.35, and 1683.00 respectively. A breakout of the current high at 1823.12 will lead to a further uptrend.
USDCHF, “US Dollar vs Swiss Franc”
In the H4 chart, USDCHF continues trading sideways between 38.2% and 76.0% fibo after finishing the descending wave. This technical picture suggests two possible scenarios – a decline towards the low at 0.9018 or growth to reach the high at 0.9275.
As we can see in the H1 chart, after another test and rebound from the support at 61.8% fibo, the pair is about to start a new growth to reach the local high at 0.9242.
