Murrey Math Lines 08.02.2024 (USDCHF, XAUUSD)
USDCHF, “US Dollar vs Swiss Franc”
USDCHF quotes are above the 200-day Moving Average on H4, indicating the prevalence of an uptrend. However, a divergence has formed on the RSI, revealing a probable price decline. As a result, in this situation, a downward breakout of 7/8 (08728) is expected, followed by a price decline to the support at 6/8 (0.8667). The scenario could be cancelled by rising above the resistance level of 8/8 (0.8789). In this case, the pair might rise to the +1/8 (0.8850) 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”
Gold quotes are above the 200-day Moving Average on H4, indicating the prevalence of an uptrend. The RSI is testing the support line. In this situation, a rebound from the 2/8 (2031.25) level is expected, followed by a price rise to the resistance at 4/8 (2062.50). The scenario could be cancelled by a downward breakout of the support at 2/8 (2031.25), which could lead to a trend reversal and a decline to 1/8 (2015.62).
On M15, yet another breakout of the upper boundary of the VoltyChannel could 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.