USDCHF, “US Dollar vs Swiss Franc”
In the H4 chart, USDCHF is trading within the “overbought area”. The Relative Strength Index is heading towards 30 and is currently testing the support line, a breakout of which might signal a further downtrend. In this case, the pair is expected to break 8/8 (0.9765) and then continue falling towards the support at 7/8 (0.9643). However, this scenario may be cancelled if the price breaks the resistance at +1/8 (0.9887) to the upside. After that, the instrument may move upwards to reach +2/8 (1.0009).
As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue its decline.
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, XAUUSD is trading below the 200-day Moving Average, thus indicating a descending tendency. The Relative Strength Index has rebounded from the descending trendline. In this case, the price is expected to test 4/8 (1625.00), break it, and then continue moving downwards to reach the support at 3/8 (1593.75). However, this scenario may no longer be valid if the price breaks the resistance at 5/8 (1656.25) to the upside. After that, the instrument may reverse and resume growing towards 6/8 (1687.50).
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue moving downwards.
Source: Roboforex
