Murrey Math Lines 04.04.2024 (USDCHF, XAUUSD)
USDCHF, “US Dollar vs Swiss Franc”
USDCHF quotes are above the 200-day Moving Average on D1, revealing the prevalence of an uptrend. The RSI has broken the support line, escaping the overbought area. As a result, in this situation, a rebound from 6/8 (0.9033) is expected, followed by a price decline to the support at 5/8 (0.8911). The scenario could be cancelled by rising above the resistance at 6/8 (0.9033), in which case the pair might increase to the 7/8 (0.9155) level.
On M15, the lower boundary of the VoltyChannel is broken, which increases the price decline probability.
XAUUSD, “Gold vs US Dollar”
Gold quotes and the RSI are in their respective overbought areas on D1. In this situation, a rebound from the +1/8 (2312.50) level is expected, followed by a price decline to the support at 8/8 (2250.00). The scenario could be cancelled by a rise above +1/8 (2312.50), in which case gold quotes could reach the resistance at +2/8 (2390.80).
On M15, the price decline could be additionally supported by a breakout of the lower boundary of the VoltyChannel.
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.