Murrey Math Lines 01.02.2024 (USDCHF, XAUUSD)
USDCHF, “US Dollar vs Swiss Franc”
USDCHF quotes are on the 200-day Moving Average on H4, which reveals the lack of any trend. However, a convergence has formed on the RSI, signaling about a possible price rise. As a result, the quotes are expected to break the 6/8 (0.8667) level and reach the resistance at 7/8 (0.8728). The scenario could be cancelled by a downward breakout of the support at 5/8 (0.8606). In this case, the quotes could drop to 4/8 (0.8544).
On M15, the price growth could be additionally supported by a breakout of the upper boundary of the VoltyChannel.
XAUUSD, “Gold vs US Dollar”
Gold quotes are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. The RSI has rebounded from the support line In this situation, the quotes are expected to rise above 3/8 (2046.88) and proceed to the resistance at 4/8 (2062.50). The scenario could be cancelled by a downward breakout of he support at 2/8 (2031.25), which could lead to a price decline to 1/8 (2015.62).
On M5, a breakout of the upper boundary of the VoltyChannel can increase the probability of a price rise.
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.