As we can see in the H4 chart, USDCHF is trading below the 200-day Moving Average, thus indicating a descending tendency. In this case, the pair is expected to test break 2/8 and continue falling towards the support at 0/8. However, this scenario may be cancelled if the price breaks the resistance at 3/8 to the upside. After that, the instrument may move upwards to reach 4/8.
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 also trading below the 200-day Moving Average to indicate a possible descending tendency. In this case, the price is expected to test 4/8, break it, and then continue moving downwards to reach the support at 3/8. However, this scenario may no longer be valid if the price breaks the resistance at 5/8 to the upside. After that, the instrument may reverse and correct up to 6/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.
