XAUUSD, “Gold vs US Dollar”
In the H4 chart, after finishing the correctional downtrend, XAUUSD is trying to form the second wave to the upside. Convergence on MACD is another signal that the correction is over. In this case, the next upside targets may be 61.8% and 76.0% fibo at 1908.00 and 1969.50 respectively. The key support is at 1721.65.
As we can see in the H1 chart, the first rising wave after convergence on MACD has reached 50.0% fibo and may later continue towards 61.8% and 76.0% fibo at 1829.35 and 1847.30 respectively. The key upside target is the current high at 1877.09, while the support is at 1752.50.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the asset is forming a wide sideways channel. After testing 61.8% fibo several times, the price has failed to reach 76.0% fibo at 0.9154. The pair’s future movement depends on a breakout of either support or resistance at 0.9085 and 0.9374 respectively.
In the H1 chart, after growing and reaching 61.8% fibo, USDCHF is falling towards the low at 0.9157. At the same time, there is convergence on MACD, which may hint at a reversal and a new growth to reach 76.0% fibo at 0.9322.
