XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after completing the rising impulse, XAUUSD has started the correction to the downside, but the uptrend yet continues. After breaking the current high, the pair may continue trading upwards to reach 61.8% fibo at 1616.00. At the same time, there is a divergence within the uptrend on MACD, which may indicate a possible mid-term descending correction with the targets at 23.6%, 38.2%, and 50.0% fibo at 1487.00, 1444.60, and 1410.80 respectively.
As we can see in the H1 chart, the correctional downtrend has reached 61.8% fibo. The next downside target may be 76.0% fibo at 1508.20. However, there is a local convergence, which may indicate a new growth towards the high at 1554.99
USDCHF, “US Dollar vs Swiss Franc”
It would be better to analyze USDCHF on the daily chart. As we can see, the convergence made the pair reverse and start a new uptrend, which has already reached 38.2% fibo and may yet continue towards 50.0% and 61.8% fibo at 0.9984 and 1.0016 respectively. The support is the low at 0.9660.
The H4 chart shows more detailed structure of the current rising correction. USDCHF is correcting to reach 50.0% fibo at 0.9948. At the same time, there is a divergence, which may indicate a possible pullback.
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.