Murrey Math Lines 06.07.2023 (USDCHF, XAUUSD)
USDCHF, “US Dollar vs Swiss Franc”
USDCHF are under the 200-day Moving Average on H4, revealing a prevailing downtrend. The RSI is testing the resistance line. In this situation, a downward breakout of 2/8 (0.8972) is expected, followed by a decline to the support at 0/8 (0.8911). The scenario can be cancelled by rising above the resistance at 3/8 (0.9002), which might lead to a trend reversal and a rise of the pair to 4/8 (0.9033).
On M15, the decline of the quotes could be additionally confirmed by a breakout of the lower border of the VoltyChannel.
XAUUSD, “Gold vs US Dollar”
Gold quotes are under the 200-day Moving Average on H4, which indicates the prevalence of a downtrend. The RSI has broken the support line. Currently, a test of 2/8 (1906.25) is expected, followed by a breakout and a decline to the support at 1/8 (1890.62). The scenario can be cancelled by rising above the resistance at 3/8 (1921.88). In this case, gold quotes could grow 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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