Murrey Math Lines 10.08.2023 (USDCHF, XAUUSD)
USDCHF, “US Dollar vs Swiss Franc”
USDCHF quotes are below the 200-day Moving Average on H4, indicating a prevailing downtrend. The RSI is testing the resistance line. In this situation, a breakout of 3/8 (0.8728) is expected, followed by a price decline to the support level at 2/8 (0.8667). The scenario can be cancelled by a breakout of the resistance at 4/8 (0.8789), which could lead to a trend reversal and trigger price growth to 5/8 (0.8850).
On M15, a price decline might be additionally supported by a breakout of the lower line of the VoltyChannel.
XAUUSD, “Gold vs US Dollar”
Gold quotes are below the 200-day Moving Average on H4, which indicates a prevailing downtrend. The RSI has rebounded from the resistance line. In this situation, the price is expected to fall to the nearest support level at 1/8 (1890.62). The scenario can be cancelled by a breakout of the resistance level at 3/8 (1921.88). In this case, gold quotes could rise to 4/8 (1937.50).
On M15, the lower line of the VoltyChannel is broken, which increases the probability of a further price decline.
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