Murrey Math Lines 22.06.2023 (USDCHF, XAUUSD)
USDCHF, “US Dollar vs Swiss Franc”
USDCHF quotes are under the 200-day Moving Average on H4, which indicates the prevalence of a downtrend. The RSI has rebounded from the resistance line. In this situation, a downward breakout of 2/8 (0.8911) is expected, followed by a decline to the support at 1/8 (0.8850). The scenario can be cancelled by a rise above the resistance at 3/8 (0.8972). In this case, the pair could return to 4/8 (0.9033).
On M15, the lower line of the VoltyChannel is broken. This increases the probability of a further price decline.
XAUUSD, “Gold vs US Dollar”
XAUUSD quotes are under the 200-day Moving Average on H4, revealing the prevalence of a downtrend. The RSI is nearing the oversold area. In these circumstances, a test of 1/8 (1906.25) is expected, followed by a breakout and a decline to the support at 0/8 (1875.00). The scenario can be cancelled by rising above the resistance at 2/8 (1937.50), which might make gold quotes rise to 3/8 (1968.75).
On M15, the lower line of VoltyChannel is broken, which confirms the presence of a downtrend and increases the probability of a further price decline.
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.
The material presented and the information contained herein is intended for our customers, and is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.