XAUUSD, “Gold vs US Dollar”
In the H4 chart, XAUUSD is correcting around 50.0% fibo. After the correction is over, the next upside targets may be 61.8% and 76.0% fibo at 1908.00 and 1969.50 respectively. However, the key upside target is the all-time high at 2074.75. The key support is the low at 1638.76.
The H1 chart shows a more detailed structure of the current correction, which has already reached 23.6% fibo and may later continue towards 38.2%, 50.0%, and 61.8% fibo at 1831.96, 1818.00, and 1804.10 respectively. A breakout of the local resistance at 1877.09 will result in a further uptrend towards the short-term post-correctional extension area between 138.2% and 161.8% fibo at 1876.75 and 1903.00 respectively.
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, after reaching 76.0% fibo, the ascending wave has transformed into a new pullback. After the pullback is over, the pair may resume growing towards the high at 0.9368, a breakout of which will result in a further uptrend towards the short-term post-correctional extension area between 138.2% and 161.8% fibo at 0.9476 and 0.9543 respectively. The key support is at 0.9085.
In the H1 chart, after completing the correctional decline and breaking 23.6% fibo, the pair is attempting to grow and reach the high at 0.9330. The next downside target will be 38.2% and 50.0% fibo at 0.9243 and 0.9216 respectively. The key support is at 0.9102.
