Murrey Math Lines 04.11.2021 (USDCHF, GOLD)

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USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, USDCHF is trading below the 200-day Moving Average, thus indicating a descending tendency. In this case, the price is expected to test 5/8, break it, and then continue falling to reach the support at 4/8. However, this scenario may be cancelled if the price breaks the resistance at 6/8 to the upside. After that, the instrument may continue growing towards 7/8.

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”

In the H4 chart, after breaking the 200-day Moving Average, XAUUSD is trading below it, thus indicating a descending tendency. In this case, the price is expected to test 1/8, break it, and then continue moving downwards to reach the support at 0/8. However, this scenario may no longer be valid if the price breaks 2/8 to the upside. After that, the instrument may reverse and grow towards the resistance at 3/8.

As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue its decline.

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.