USDCHF, “US Dollar vs Swiss Franc”
USDCHF quotes are above the 200-day Moving Average on D1, indicating a prevailing uptrend. However, divergence has formed on the RSI. As a result, in this situation, the price is expected to rebound from the 7/8 (0.9155) level and fall to the support at 5/8 (0.8911). The decline in the pair is interpreted as a correction within an uptrend. The scenario could be cancelled by rising above the resistance at 7/8 (0.9155). In this case, the pair might reach the 8/8 (0.9277) level.
On M15, the price decline could be additionally supported by a breakout of the lower boundary of the VoltyChannel.
XAUUSD, “Gold vs US Dollar”
The Gold chart shows a similar situation. The quotes are above the 200-day Moving Average, indicating a prevailing uptrend, while divergence has formed on the RSI. In this situation, the price is expected to rebound from the 3/8 (2375.00) level and decline to the support at 2/8 (2250.00). This movement is interpreted as a correction within an uptrend. The scenario could be cancelled by surpassing the 3/8 (2375.00) level. In this case, Gold quotes might rise to the resistance at 4/8 (2500.00).
On M15, another breakout of the lower line of the VoltyChannel will increase the probability of a further price decline.
