Murrey Math Lines 22.02.2024 (USDCHF, XAUUSD)
USDCHF, “US Dollar vs Swiss Franc”
USDCHF quotes have breached the 8/8 (0.8789) level on H4, exiting the overbought area. The RSI has broken the support line. In this situation, the price is expected to continue falling to the support at 6/8 (0.8667). The scenario could be cancelled by rising above the resistance at +1/8 (0.8850). In this situation, the quotes might rise to the +2/8 (0.8911) 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 have broken the 200-day Moving Average on H4 and are currently above it, indicating the probability of an uptrend development. The RSI has rebounded from the support line. In this situation, the quotes are expected to rise above 2/8 (2031.25), subsequently growing to the resistance at 3/8 (2046.88). The scenario could be cancelled by a downward breakout of the support at 1/8 (2015.62). In this case, gold quotes might drop to the 0/8 (2000.0) level.
On M15, the price growth 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.