Murrey Math Lines 12.01.2023 (USDCHF, XAUUSD)
USDCHF, “US Dollar vs Swiss Franc”
On H4, the quotes are under the 200-day Moving Average, indicating prevalence of a downtrend. The RSI is approaching the resistance level. A test of 1/8 (0.9338) is expected here, followed by a bounce off it and falling to the support level of -1/8 (0.9216). The scenario can be cancelled by a breakaway of 1/8 (0.9338) upwards, which might lead to a trend reversal and growth of the pair to the resistance level of 2/8 (0.9399).
On M15, an additional signal confirming the decline will be a breakaway of the lower border of VoltyChannel.
XAUUSD, “Gold vs US Dollar”
On H4, Gold quotes are in the overbought area. The RSI is nearing the descending trendline that acts as a resistance level. Hence, a downward breakaway of 8/8 (1875.50) should be expected, followed by falling to the support level of 6/8 (1843.75). The scenario can be cancelled by rising over the resistance level of +1/8 (1890.62). This might provoke further growth of the quotes to +2/8 (1906.25).
On M15, a breakaway of the lower border of VoltyChannel will increase the probability of further falling.
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