Murrey Math Lines 16.06.2023 (USDCHF, XAUUSD)
USDCHF, “US Dollar vs Swiss Franc”
On H4, the quotes have broken the 200-day Moving Average and are below it, indicating the probability of developing a downtrend. The RSI is nearing the overbought area. In such a situation, the 2/8 (0.8911) level is expected to be broken down, with the price then declining to support at 1/8 (0.8850). The scenario can be cancelled by rising above resistance at 3/8 (0.8972). In this case, the pair might return to 4/8 (0.9033).
On M15, the lower line of the VoltyChannel has been broken. This increases the probability of a further price decline.
XAUUSD, “Gold vs US Dollar”
On H4, the quotes are below the 200-day Moving Average, which signals a prevailing uptrend. The RSI rebounded from the resistance line. In this situation, the level of 2/8 (1937.50) is expected to be tested, followed by its breakout and a price decline to support at 1/8 (1906.25). The scenario can be cancelled by rising above resistance at 3/8 (1968.75), which can lead to a change in the trend and price growth to the level of 4/8 (2000.00).
On M15, an additional signal confirming the decline might be a breakout of the lower line 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.