Murrey Math Lines 07.09.2023 (USDCHF, XAUUSD)
USDCHF, “US Dollar vs Swiss Franc”
USDCHF are above the 200-day Moving Average on H4, indicating the prevalence of an uptrend. The RSI is in the overbought area, giving hints on a possible price correction. In this situation, a downward breakout of 6/8 (0.8911) is expected, after which the price might drop to the support level of 5/8 (0.8850). The scenario can be cancelled by rising above 7/8 (0.8972), in which case the quotes could reach the resistance at 8/8 (0.9033).
On M15, a further price decline could be supported by a breakout of the lower boundary of the VoltyChannel indicator.
XAUUSD, “Gold vs US Dollar”
Gold quotes have broken the 200-day Moving Average on H4 and are now below it, which implies a possible development of a downtrend. The RSI is approaching the oversold area. In these circumstances, the price is expected to drop to the nearest support level of 2/8 (1906.25). The scenario can be cancelled by rising above the resistance at 3/8 (1921.87). In this case, the quotes might grow to 4/8 (1937.50).
On M15, the lower boundary of the VoltyChannel is broken. This increases the probability of a further price decline.
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