Murrey Math Lines 29.06.2023 (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 is nearing the resistance line. In this situation, a breakout of 2/8 (0.8972) is expected, followed by a decline to the support level of 0/8 (0.8911). The scenario can be cancelled by rising above the resistance at 3/8 (0.9002), which might lead to a trend reversal and growth to 4/8 (0.9033).
On M15, a breakout of the lower line of the VoltyChannel will serve as an additional signal confirming the price decline.
XAUUSD, “Gold vs US Dollar”
Gold 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. A decline to the nearest support at 4/8 (1875.00) is expected. The scenario can be cancelled by rising above the resistance level at 6/8 (1937.50), in which case the quotes might grow to 7/8 (1968.75).
On M15, the lower line of the VoltyChannel is broken, which confirms the presence of a downtrend and increases the probability of a further decline.
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