Murrey Math Lines 03.08.2023 (USDCHF, XAUUSD)
USDCHF, “US Dollar vs Swiss Franc”
USDCHF quotes are in the oversold area on H4. The RSI has rebounded from the support line. In this situation, the price is expected to break the 0/8 (0.8789) level and rise to the resistance at 1/8 (0.8911). The scenario can be cancelled by a downward breakout of the support at -1/8 (0.8667). In this case, the pair could return to -2/8 (0.8544).
On M15, the upper line of the VoltyChannel has been broken, which increases the probability of a further price rise.
XAUUSD, “Gold vs US Dollar”
Gold quotes have broken the 200-day Moving Average on H4 and are now hovering below it, which indicates a potential downtrend. The RSI has rebounded from the support line. In this situation, the price is expected to decline to 3/8 (1921.88). The scenario can be cancelled by an upward breakout of the resistance at 4/8 (1937.50). In this case, gold quotes could rise to 5/8 (1953.12).
On M15, the lower line of the VoltyChannel has been broken, which increases the probability of a further price drop.
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