Murrey Math Lines 06.10.2022 (USDCHF, XAUUSD)
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, USDCHF is trading above the 200-day Moving Average to indicate a possible ascending tendency. The Relative Strength Index has rebounded from the support. In this case, the pair is expected to break 5/8 (0.9826) and then continue growing towards the resistance at 7/8 (0.9948). However, this scenario may be cancelled if the price breaks the support at 4/8 (0.9765) to the downside. After that, the instrument may move downwards to reach 3/8 (0.9704).
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, may continue its growth towards 7/8 (0.9948) from the H4 chart.
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after breaking the 200-day Moving Average, XAUUSD is trading above it, thus indicating an ascending tendency. However, there is divergence near 70 on the Relative Strength Index, which is a signal in favour of decline. In this case, the price is expected to break the support at 7/8 (1718.75) and then continue moving downwards to reach 6/8 (1687.50). However, this scenario may no longer be valid if the price breaks the resistance at 8/8 (1750.75) to the upside. After that, the instrument may reverse and resume growing towards +1/8 (1781.25).
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue moving downwards.
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