XAGUSD: Ascending Channel

XAGUSD, H4

On the H4 timeframe, the XAGUSD pair is in an uptrend and is moving within the ascending channel.

Currently, the price is testing the resistance level of 31.00, and two scenarios are possible:

If the XAGUSD breaks above the 31.00 resistance it will continue the bulish trend to the 31.70 and the 161.8 Fibonacci;
However, a corrective decline with breaching below the lower border of pwttern will drop the price to 30.20 and 29.30 support.

Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Author: Timur Yurdagyul

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