Murrey Math Lines for 12.08.2021 (USDCHF, GOLD)
USDCHF, "US Dollar vs Swiss Franc"
On H4, the quotations are trading above the 200-days Moving Average, which indicates the prevalence of an uptrend. We expect a test of 5/8, a bounce off it, and further growth to the resistance level of 7/8. The scenario will be cancelled if 5/8 is broken away downwards. In this case, the quotations might continue falling and reach the support level of 4/8.
On M15, price growth will be further supported by a breakaway of the upper VoltyChannel line.
XAUUSD, "Gold vs US Dollar"
On H4, the quotations remain inside a consolidation range between 3/8 and 5/8. We can now see a breakaway of 4/8 upwards. This makes growth to the resistance level of 5/8 highly probable. The scenario will be cancelled if the price returns under 4/8. In this case, the price might fall to the support level of 3/8.
On M15, the upper line of VoltyChannel is broken. This makes further price growth more probable.
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.