28.10.2019

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, after completing the correctional downtrend at 76.0% fibo at 1473.60, XAUUSD is forming a new rising impulse, which is trying to break the local high at 1519.57. If the price breaks the high near this level, the instrument may continue growing towards 76.0% fibo at 1533.08 and then the key high at 1557.00.

In the H1 chart, the pair is slightly correcting after attempting to test the high. Possibly, the pullback may continue to reach 50.0% fibo.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, after finishing the descending correction at 50.0% fibo, USDCHF is trading upwards; this movement may be considered as a new correction to the upside. However, if the price fixes above 76.0% fibo and then the local high at 0.9996, the instrument may continue growing towards the key high at 1.0028. The key support is the low at 0.9840.

In the H1 chart, after testing 76.0% fibo, the pair has been forced to reverse by the divergence on MACD, which indicates a new decline towards 23.6%, 38.2%, and 50.0% fibo at 0.9931, 0.9914, and 0.9900 respectively.