Murrey Math Lines 06.08.2020 (USDCHF, GOLD)

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, USDCHF is moving close to the “oversold area”. In this case, the price is expected to test 0/8, rebound from it, and then resume growing to reach the resistance at 2/8. However, this scenario may no longer be valid if the price breaks 0/8 to the downside. After that, the instrument may continue falling towards the support at -1/8.

In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue the ascending tendency.

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, XAUUSD is moving inside the “overbought area”. In this case, the price is expected to break +1/8 and then continue falling to reach the closest support at 8/8. However, this scenario may no longer be valid if the price breaks +2/8 to the upside. After that, the lines at the chart will be redrawn, thus helping to define new upside targets.

In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards to reach 8/8 from the H4 chart.