Murrey Math Lines 18.01.2024 (USDCHF, XAUUSD)
USDCHF, “US Dollar vs Swiss Franc”
USDCHF quotes have broken the 200-day Moving Average and now rest above it, revealing the probability of an uptrend development. However, the RSI has reached the overbought area. As a result, a test of 6/8 (0.8667) is expected, followed by a rebound from this level and a decline to the support at 4/8 (0.8544). The scenario could be cancelled by rising above the resistance at 6/8 (0.8667). In this case, the pair could continue growing to the 8/8 (0.8789) level.
ON M15, after a rebound from the 6/8 (0.8667) level on H4, the price decline could be additionally supported by a breakout of the lower boundary of the VoltyChannel.
XAUUSD, “Gold vs US Dollar”
Gold quotes and the RSI on H4 are nearing their respective oversold areas. In these circumstances, a test of 0/8 (2000.00) is expected, followed by a rebound from this level and a price rise to the resistance at 2/8 (2031.25). The scenario could be cancelled by a downward breakout of the support at 0/8 (2000.00), in which case the quotes could drop to -1/8 (1984.38).
On M15, the price rise could be additionally supported by a breakout of the upper 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.