Murrey Math Lines 29.09.2022 (USDCHF, XAUUSD)

Article By RoboForex.com

USDCHF, “US Dollar vs Swiss Franc”

In the H4 chart, USDCHF is trading within the “overbought area”. The Relative Strength Index is heading towards 30 and is currently testing the support line, a breakout of which might signal a further downtrend. In this case, the pair is expected to break 8/8 (0.9765) and then continue falling towards the support at 7/8 (0.9643). However, this scenario may be cancelled if the price breaks the resistance at +1/8 (0.9887) to the upside. After that, the instrument may move upwards to reach +2/8 (1.0009).

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.

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, XAUUSD is trading below the 200-day Moving Average, thus indicating a descending tendency. The Relative Strength Index has rebounded from the descending trendline. In this case, the price is expected to test 4/8 (1625.00), break it, and then continue moving downwards to reach the support at 3/8 (1593.75). However, this scenario may no longer be valid if the price breaks the resistance at 5/8 (1656.25) to the upside. After that, the instrument may reverse and resume growing towards 6/8 (1687.50).

In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue moving downwards.

Article By RoboForex.com

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