Murrey Math Lines 31.08.2023 (USDCHF, XAUUSD)
USDCHF, “US Dollar vs Swiss Franc”
USDCHF have broken the 200-day Moving Average on H4 and are now below it, revealing a possible development of a downtrend. The RSI is testing the resistance line. In this situation, a rebound from 8/8 (0.8789) is expected, followed by a decline to the support level of 7/8 (0.8728). The scenario can be cancelled by rising above 8/8 (0.8789). In this case, the pair could rise to the resistance at +1/8 (0.8850).
On M15, the lower line of the VoltyChannel is broken. This happening increases the probability of a further price drop.
XAUUSD, “Gold vs US Dollar”
Gold quotes have broken the 200-day Moving Average on H4 and are now above it, which indicates the probability of an uptrend development. However, the RSI is in the overbought area, which is a signal for a price drop. As a result, in these circumstances, a test of 4/8 (1937.50) is expected, followed by a price drop to the support level of 3/8 (1921.88). The scenario can be cancelled by rising above the resistance at 5/8 (1953.12). In this case, gold quotes might go on growing and rise to 6/8 (1968.75).
On M15, the price decline could be additionally supported by a breakout of the lower boundary of the VoltyChannel.
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