Murrey Math Lines 16.11.2023 (USDCHF, XAUUSD)
USDCHF, “US Dollar vs Swiss Franc”
USDCHF has broken the 200-day Moving Average on H4, indicating a possible development of a downtrend. However, the RSI is already in the oversold area. As a result, the quotes are expected to rise above 2/8 (0.8911), reaching the resistance level of 3/8 (0.8977). The scenario can be cancelled by a downward breakout of 1/8 (0.8850). In this case, the pair might drop to the support at 0/8 (0.8789).
On M15, a breakout of the upper boundary of the VoltyChannel could increase the probability of a price rise.
XAUUSD, “Gold vs US Dollar”
XAUUSD quotes are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. The RSI has broken the resistance line. In this case, the quotes are expected to rise above 7/8 (1968.75), followed by a rise to the resistance level of 8/8 (2000.00). The scenario might be cancelled by a downward breakout of 6/8 (1937.50), which could lead to a trend reversal and a decline to the support at 5/8 (1906.25).
On M15, a breakout of the upper boundary of the VoltyChannel could increase the probability of a further 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.