XAUUSD, “Gold vs US Dollar”
In the H4 chart, the asset is still falling due to divergence on MACD. The key target of this descending wave is the low at 1638.76. However, local convergence may indicate a reversal and a new wave to the upside.
As we can see in the H1 chart, the bearish wave is trying to test 50.0% fibo at 1736.42; right now, the asset is forming a short-term correction upwards. The resistance is the local high at 1833.94, a breakout of which may lead to a further uptrend to reach the mid-term 76.0% fibo at 1850.00.
USDCHF, “US Dollar vs Swiss Franc”
In the H4 chart, after breaking the previous high at 0.9275, USDCHF is starting a new correction to the downside due to divergence on MACD. However, a little bit later, the pair may resume growing 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.
As we can see in the H1 chart, after falling and reaching 38.2% fibo at 0.9213, the asset is consolidating. In the future, the price may resume falling towards 50.0% and 61.8% fibo at 0.9176 and 0.9139 respectively. A breakout of the local high at 0.9333 will result in a further uptrend.
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