Murrey Math Lines 01.09.2022 (USDCHF, GOLD)
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, USDCHF is trading within the “overbought area”. In this case, the pair is expected to test 8/8, break it, and the continue falling towards the support at 7/8. However, this scenario may be cancelled if the price breaks the resistance at +1/8 to the upside. After that, the instrument may move upwards to reach +2/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue its decline.
XAUUSD, “Gold vs US Dollar”
In the H4 chart, XAUUSD is trading below the 200-day Moving Average, thus indicating a descending tendency. In this case, the price is expected to test 6/8, break it, and then continue moving downwards to reach the support at 5/8. However, this scenario may no longer be valid if the price breaks the resistance at 7/8 to the upside. After that, the instrument may reverse and resume growing towards 8/8.
As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue moving downwards.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.