Murrey Math Lines 03.12.2020 (USDCHF, GOLD)
USDCHF, “US Dollar vs Swiss Franc”
On H4, USDCHF quotations are trading under the 200-days Moving Average, which means a downtrend is prevailing. Nonetheless, the price is already approaching the oversold area. Hence, we expect a test of 0/8, a bounce off it, and growth to the resistance level at 2/8. This growth should be interpreted as a correction. The scenario will no longer be valid if the price breaks through 0/8 top-down, which miht lead the quotations to the support level of -2/8.
On M15, a breakaway of the upper border of the VoltyChannel indicator will increase the probability of the growth of the price.
XAUUSD, “Gold vs US Dollar”
On H4, USDCHF quotations are trading under the 200-days Moving Average, which means a downtrend is prevailing. Nonetheless, the price is correcting, growing to 3/8. Hence, we expect it to test 3/8, bounce off it, and go on falling by the trend to the support at 1/8. The scenario might be canceled by a breakaway of 3/8 upwards, in which case the quotations will go on growing to the resistance level of 4/8.
On M15, the falling of the price might be supported by a breakaway of the lower border of VoltyChannel.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.