Murrey Math Lines 17.08.2023 (USDCHF, XAUUSD)
USDCHF, “US Dollar vs Swiss Franc”
USDCHF quotes have broken the 200-day Moving Average on H4 and now stand above it, revealing the probable development of an uptrend. The RSI has rebounded from the support line. In this situation, a test of 5/8 (0.8850) is expected, followed by a breakout and a price rise to 6/8 (0.8911). The scenario can be cancelled by a downward breakout of the support at 4/8 (0.8789), in which case the quotes could drop to 3/8 (0.8728).
On M15, the upper boundary of the VoltyChannel is broken. This increases the probability of a further price rise.
XAUUSD, “Gold vs US Dollar”
Gold quotes are under the 200-day Moving Average on H4, which indicates the prevalence of a downtrend. However, the RSI has reached the oversold area. As a result, in this situation, a rebound from 1/8 (1890.62) is expected, followed by a rise to the resistance at 3/8 (1921.88). The scenario can be cancelled by a downward breakout of 1/8 (1890.62). In this case, the quotes might continue falling, which could lead to a price drop to 0/8 (1875.00).
On M15, the growth could be additionally supported by a breakout of the upper line of the VoltyChannel.
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