Murrey Math Lines 29.10.2020 (USDCHF, GOLD)
29.10.2020USDCHF, “US Dollar vs Swiss Franc”
As we can see in the H4 chart, USDCHF is moving below the 200-day Moving Average and rebounding from 3/8, thus indicating a descending tendency. In this case, today the price is expected to break 2/8 and then continue falling to reach the support at 0/8. Still, this scenario may no longer be valid if the price breaks 3/8 to the upside. After that, the instrument may reverse and continue growing towards 5/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue the descending tendency.
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD is moving below the 200-day Moving Average, thus indicating a descending tendency. However, yesterday the asset rebounded from the support at 0/8. In this case, the price is expected to correct upwards to 2/8. Still, this scenario may no longer be valid if the price breaks the support at 0/8 to the downside. After that, the instrument may continue falling towards the next support at -1/8.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue trading upwards.
Attention!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.