Murrey Math Lines 19.03.2020 (USDCHF, GOLD)
USDCHF, “US Dollar vs Swiss Franc”
In the H4 chart, USDCHF is trading above 5/8. In this case, the price is expected to continue growing towards the resistance at +1/8. However, this scenario may no longer be valid if the price breaks 6/8 to the downside. After that, the instrument may continue falling to reach the support at 5/8.
As we can see in the M15 chart, the pair has broken the upside line of the VoltyChannel indicator and, as a result, may continue the ascending tendency towards +1/8 from the H4 chart.
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD is trading inside the “oversold area”. In this case, the price is expected to break 0/8 and then continue growing to reach the resistance at 2/8. However, this scenario may no longer be valid if the price breaks -2/8 to the downside. After that, the lines in the chart will be redrawn.
In the M15 chart, the VoltyChannel indicator confirms only the second scenario, which implies further decline, because the indicator’s downside border has been broken, while the upside one is quite far away. Under these circumstances, we should follow the H4 chart.
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