USDCHF are under the 200-day Moving Average on H4, revealing a prevailing downtrend. The RSI is testing the resistance line. In this situation, a downward breakout of 2/8 (0.8972) is expected, followed by a decline to the support at 0/8 (0.8911). The scenario can be cancelled by rising above the resistance at 3/8 (0.9002), which might lead to a trend reversal and a rise of the pair to 4/8 (0.9033).
On M15, the decline of the quotes could be additionally confirmed by a breakout of the lower border of the VoltyChannel.
XAUUSD, “Gold vs US Dollar”
Gold quotes are under the 200-day Moving Average on H4, which indicates the prevalence of a downtrend. The RSI has broken the support line. Currently, a test of 2/8 (1906.25) is expected, followed by a breakout and a decline to the support at 1/8 (1890.62). The scenario can be cancelled by rising above the resistance at 3/8 (1921.88). In this case, gold quotes could grow to 4/8 (1937.50).
On M15, the lower line of the VoltyChannel is broken, which increases the probability of a further price decline.
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.