Article By RoboForex.com
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after being corrected by 23.6%, XAUUSD is forming a new descending impulse. If the price breaks the low at 1280.88, the instrument may continue falling towards the retracements of 50.0% and 61.8% at 1271.60 and 1253.83 respectively.
In the H1 chart, the current downtrend has already reached the retracement of 76.0%. The next downside target is the low at 1280.88. If later the price breaks the low, the instrument may continue falling to reach not only the retracement of 50.0% at 1271.60, but also the post-correctional extension area between the retracements of 138.2% and 161.8% at 1269.57 and 1262.60 respectively.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, the correctional uptrend has already reached the retracement of 61.8%. The next upside target may be the retracement of 76.0% at 1.0069. The key support level is the low at 0.9894.
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In the H1 chart, there was a divergence, which made the pair start a new decline, which has already reached the retracement of 23.6%. The next downside targets may be the retracement of 38.2%, 50.0%, and 61.8% at 0.9988, 0.9970, and 0.9952 respectively. The resistance level is the local high at 1.0046.
Article By RoboForex.com
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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 LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.