Murrey Math Lines 02.09.2021 (USDCHF, GOLD)

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, USDCHF is consolidating between 3/8 and 5/8. In this case, the price is expected to rebound from 4/8 and then resume falling to break the support at 3/8. After that, the asset may continue moving downwards to reach the next support at 2/8. However, this scenario may be cancelled if the price breaks 4/8 to the upside. After that, the instrument may reverse and grow towards the resistance at 5/8.

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

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, XAUUSD is trading above the 200-day Moving Average, thus indicating an ascending tendency. In this case, the price is expected to break 6/8 and then continue moving upwards to reach the resistance at 7/8. However, this scenario may no longer be valid if the price breaks the support at 5/8 to the downside. After that, the instrument may reverse and fall towards 4/8.

In the M15 chart, the upside line of the VoltyChannel indicator is pretty far away from the price, that’s why the pair may resume the ascending tendency only after breaking 6/8 from the H4 chart.