Murrey Math Lines 02.12.2021 (USDCHF, GOLD)
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, after breaking the 200-day Moving Average, USDCHF is trading below it, thus indicating a possible descending tendency. In this case, the price is expected to test 6/8, break it, and then continue falling to reach the support at 5/8. However, this scenario may be cancelled if the price breaks the resistance at 7/8 to the upside. After that, the instrument may grow towards the next resistance at 8/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after breaking the 200-day Moving Average, XAUUSD is trading below it, thus indicating a possible descending tendency. In this case, the price is expected to test 1/8, break it, and then move downwards to reach the support at 0/8. However, this scenario may no longer be valid if the price breaks the resistance at 2/8 to the upside. After that, the instrument may continue growing towards the next resistance at 4/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue its decline.
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.
The material presented and the information contained herein is intended for our customers, and is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.