Murrey Math Lines 02.09.2021 (USDCHF, GOLD)
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, USDCHF is consolidating between 3/8 and 5/8. In this case, the price is expected to rebound from 4/8 and then resume falling to break the support at 3/8. After that, the asset may continue moving downwards to reach the next support at 2/8. However, this scenario may be cancelled if the price breaks 4/8 to the upside. After that, the instrument may reverse and grow towards the resistance at 5/8.
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”
As we can see in the H4 chart, XAUUSD is trading above the 200-day Moving Average, thus indicating an ascending tendency. In this case, the price is expected to break 6/8 and then continue moving upwards to reach the resistance at 7/8. However, this scenario may no longer be valid if the price breaks the support at 5/8 to the downside. After that, the instrument may reverse and fall towards 4/8.
In the M15 chart, the upside line of the VoltyChannel indicator is pretty far away from the price, that’s why the pair may resume the ascending tendency only after breaking 6/8 from the H4 chart.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
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