Murrey Math Lines 21.12.2023 (USDCHF, XAUUSD)
USDCHF, “US Dollar vs Swiss Franc”
USDCHF quotes are in the oversold area on H4. The RSI is testing the resistance line. In this situation, the quotes are expected to rise above -1/8 (0.8667), subsequently reaching the resistance level of 0/8 (0.8789). The scenario could be cancelled by a downward breakout of -2/8 (0.8544), which will reshuffle the Murrey lines, so that new price targets will be set.
On M15, the price rise could be additionally supported by a breakout of the upper boundary of the VoltyChannel.
XAUUSD, “Gold vs US Dollar”
Gold quotes are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. The RSI has rebounded from the support line. In this situation, the quotes are expected to rise above 6/8 (2062.50) and climb to the resistance at 7/8 (2093.75). This scenario could be cancelled by a downward breakout of 5/8 (2031.25), in which case the quotes could return to the support at 4/8 (2000.00).
On M15, a breakout of the upper VoltyChannel boundary might increase the probability of the 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.