Murrey Math Lines 27.07.2023 (USDCHF, XAUUSD)
USDCHF, “US Dollar vs Swiss Franc”
USDCHF quotes are in the oversold area on H4. The RSI is nearing the oversold area. In this situation, a test of -2/8 (0.8544) is expected, followed by a rebound from this level and a rise to the resistance at -1/8 (0.8667). The scenario can be cancelled by a downward breakout of the support at -2/8 (0.8544), which will reshuffle the Murray indication so that a new price target will be set.
On M15, the upper boundary of the VoltyChannel is too far away from the current price, so further growth of the quotes can be supported by a rebound from the -2/8 (0.8544) mark on H4.
XAUUSD, “Gold vs US Dollar”
Gold quotes are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. The RSI has broken the resistance line. In this situation, the quotes are expected to rise above 7/8 (1984.38), later reaching the resistance at 8/8 (2000.00). The scenario can be cancelled by a downward breakout of 6/8 (1968.75), in which case gold quotes could drop to the support at 5/8 (1953.12).
On M15, the upper line of the VoltyChannel is broken, increasing the probability of a further price rise.
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