Murrey Math Lines 18.05.2023 (USDCHF, XAUUSD)
USDCHF, “US Dollar vs Swiss Franc”
USDCHF has broken the 200-day Moving Average and rests above it, which indicates a possible development of an uptrend. The RSI has rebounded from the support line. In this situation, a breakout of 4/8 (0.9033) is expected, followed by growth to the resistance level of 5/8 (0.9094). The scenario can be cancelled by a downward breakout of the support level of 3/8 (0.8972). In this case, the pair could drop to 2/8 (0.8911).
On M15, the upper line of the VoltyChannel is broken. This development increases the probability of further price growth.
XAUUSD, “Gold vs US Dollar”
On H4, the quotes are in the oversold area. The RSI has also reached its own oversold area. As a result, a test of -1/8 (1968.75) is expected, followed by a rebound from it and growth to the resistance level of 1/8 (2031.25). The scenario can be cancelled by a downward breakout of the support at -1/8 (1968.75). In this case, the quotes could drop to the level of -2/8 (1937.50).
On M15, further price growth can be additionally supported by a breakout of the upper border of the VoltyChannel.
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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