Murrey Math Lines 06.04.2023 (USDCHF, XAUUSD)
USDCHF, “US Dollar vs Swiss Franc”
On H4, the quotes have rebounded from 0/8 (0.9033), which indicates probable development of a correction. The RSI has broken the resistance line. In this situation, a test of 1/8 (0.9094) is expected. Then the price could break it and grow to the resistance at 2/8 (0.9155). The scenario can be canceled by a downward breakout of the support at 0/8 (0.9033). In this case, the pair will go on falling and might drop to -1/8 (0.8972).
On M15, price growth can be additionally supported by a breakout of the upper line of the VoltyChannel indicator.
XAUUSD, “Gold vs US Dollar”
On H4, Gold quotes are in the overbought area. The RSI is testing the support line. In this situation, a downward breakout of 8/8 (2000.00) is expected, followed by price falling to the support level of 7/8 (1968.75). The scenario can be canceled by rising above the resistance at +1/8 (2031.25). In this case, gold quotes could rise to +2/8 (2062.50).
On M15, a new breakout of the lower line of VoltyChannel will increase the probability of price falling to 7/8 (1968.75) on H4.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
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