XAUUSD, “Gold vs US Dollar”
In the H4 chart, the asset is falling due to divergence on MACD. The key target is the low at 1638.76, a breakout of which may lead to a further downtrend to reach 50.0% fibo at 1617.00. However, if the market situation changes and XAUUSD resumes growing, the closest upside targets may be 76.0% fibo and the high at 1850.00 and 1916.52 respectively.
As we can see in the H1 chart, after breaking 38.2% fibo, the bearish wave has failed to reach 50.0% fibo at 1736.42; right now, the asset is about to correct upwards due to convergence on MACD. After the pullback is over, the price may resume falling towards 61.8% fibo at 1713.41. The resistance is the local high at 1833.94.
USDCHF, “US Dollar vs Swiss Franc”
In the H4 chart, after breaking the high, USDCHF continues forming the rising impulse towards the post-correctional extension area between 138.2% and 161.8% fibo at 0.9373 and 0.9433 respectively. The fractal support is at 0.9018.
The H1 chart shows that the start of a new short-term pullback towards 23.6%, 38.2%, and 50.0% fibo at 0.9293, 0.9268, and 0.9248. A breakout of the local high at 0.9333 will result in a further uptrend.
