Murrey Math Lines 29.02.2024 (USDCHF, XAUUSD)
USDCHF, “US Dollar vs Swiss Franc”
USDCHF quotes have broken the 8/8 (0.8789) level, escaping the overbought area on H4. The RSI is testing the support line. In this situation, a further decline to the support at 6/8 (0.8667) is expected. The scenario could be cancelled by rising above the resistance at +1/8 (0.8850), in which case, the quotes could rise to +2/8 (0.8911).
On M15, the price decline might be supported by a breakout of the lower boundary of the VoltyChannel.
XAUUSD, “Gold vs US Dollar”
Gold quotes are above the 200-day Moving Average on H4, indicating the prevalence of an uptrend. The RSI has broken the resistance line. In this situation, the 3/8 (2046.88) level might break, so that the quotes could rise to 4/8 (2062.50). The scenario might be cancelled by a downward breakout of the support at 2/8 (2031.25), in which case, gold quotes might drop to the 1/8 (2015.62) level.
On M15, the upper boundary of the VoltyChannel is broken, which increases 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.