Murrey Math Lines 20.07.2023 (USDCHF, XAUUSD)
USDCHF, “US Dollar vs Swiss Franc”
USDCHF quotes are in the oversold area on H4. The RSI is nearing the support line. In this situation, a test of -2/8 (0.8544) is expected, followed by a rebound from level and a rise to the resistance at 0/8 (0.8789). The scenario can be cancelled by a downward breakout of the support at 2/8 (0.8544), which will reshuffle the Murrey lines so that new targets for the decline could be set.
On M15, an additional signal confirming the price growth could be a breakout of the upper line of the VoltyChannel.
XAUUSD, “Gold vs US Dollar”
Gold quotes are above the 200-day Moving Average on H4, indicating the prevalence of an uptrend. The RSI is testing the support line. In this situation, the quotes are expected to rise above 7/8 (1984.38) and continue growing to the resistance at 8/8 (2000.00). The scenario can be cancelled by a downward breakout of 6/8 (1968.75). In this case, the quotes might drop to the support at 5/8 (1953.12).
On M15, the upper line of the VoltyChannel is broken. This increases the probability of a further price rise.
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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