Murrey Math Lines 18.04.2024 (USDCHF, XAUUSD)
USDCHF, “US Dollar vs Swiss Franc”
USDCHF quotes are above the 200-day Moving Average on D1, indicating the prevalence of an uptrend. However, a divergence has formed on the RSI. As a result, in this situation, a test of the 6/8 (0.9033) level is expected, followed by a breakout and a price decline to the support at 5/8 (0.8911). This decline could be interpreted as a correction of an uptrend. The scenario might be cancelled by a breakout of the resistance at 7/8 (0.9155). In this case, the pair could rise to the 8/8 (0.9277) level.
On M15, the lower boundary of the VoltyChannel is broken, which increases the probability of a further price decline.
XAUUSD, “Gold vs US Dollar”
Gold quotes are above the 200-day Moving Average on D1, indicating the prevalence of an uptrend. However, the RSI is in the overbought area. In this situation, a rebound from 3/8 (2375.00) is expected, followed by a price decline to the support at 2/8 (2250.00). This movement could be interpreted as a correction of an uptrend. The scenario might be cancelled by rising above 3/8 (2375.00), in which case, the quotes could grow to the resistance at 4/8 (2500.00).
On M15, a new breakout of the lower boundary of the VoltyChannel could increase the probability of a further price decline.
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.