USDCHF quotes have broken the 200-day Moving Average on H4 and currently found themselves below the line, indicating probable development of a downtrend. However, the RSI has reached the oversold area. As a result, in this situation, a test of 3/8 (0.8977) could be expected, followed by a rebound from it and a rise to the resistance at 5/8 (0.9094). The scenario can be cancelled by a downward breakout of 3/8 (0.8977). In this case, the quotes might continue growing, and the quotes could drop to the support at 2/8 (0.8911).
On M15, the upper boundary of the VoltyChannel is too far from the current price, so the growth of the quotes could only be indicated by a rebound from the 3/8 (0.8977) level on H4.
XAUUSD, “Gold vs US Dollar”
Gold quotes are below the 200-day Moving Average on H4, indicating the prevalence of a downtrend. The RSI is in the overbought area. In these circumstances, a test of 5/8 (1890.62) is expected, followed by a rebound from it and a decline to the support level of 3/8 (1859.38). The scenario can be cancelled by rising above 5/8 (1890.62), which might reverse the trend and make gold quotes grow to the resistance at 6/8 (1906.25).
On M15, after a rebound from 5/8 (1890.62), the price decline could be additionally supported by a breakout of the lower boundary of the VoltyChannel.
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.