Murrey Math Lines 12.03.2020 (USDCHF, GOLD)
USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, USDCHF is trading between 0/8 and 1/8. In this case, the price is expected to break 1/8 and then continue growing towards the resistance at 3/8. However, this scenario may no longer be valid if the price breaks 0/8 to the downside. After that, the instrument may continue falling to reach the support at -2/8.
In the M15 chart, the VoltyChannel indicator confirms only the second scenario, which implies a further decline towards -2/8. Under these circumstances, we should follow the H4 chart and wait until the price breaks 1/8.
XAUUSD, “Gold vs US Dollar”
In the H4 chart, XAUUSD is consolidating. In this case, the price is expected to continue falling to reach the support at 3/8. However, this scenario may no longer be valid if the price breaks 5/8 to the upside. After that, the instrument may continue growing towards the resistance at 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, continue the descending tendency towards 3/8 from the H4 chart.
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