Murrey Math Lines 01.07.2021 (USDCHF, GOLD)

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USDCHF, “US Dollar vs Swiss Franc”

In the H4 chart, USDCHF is approaching the “overbought area”. In this case, the price is expected to test 8/8, rebound from it, and then resume falling to reach the support at 6/8. Still, this scenario may no longer be valid if the price breaks 8/8 to the upside. After that, the instrument may grow towards the resistance at +1/8.

As we can see in the M15 chart, the downside line of the VoltyChannel indicator is pretty far away from the price, that’s why the pair may resume falling only after rebounding from 8/8 from the H4 chart.

XAUUSD, “Gold vs US Dollar”

In the H4 chart, after rebounding from the support at 0/8, XAUUSD is trading above it. In this case, the price is expected to break 1/8 and then continue the correction to reach the resistance at 2/8. However, this scenario may no longer be valid if the price rebounds from 1/8. After that, the instrument may reverse and fall towards the support at 0/8.

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 moving upwards.

Article By RoboForex.com

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.