Murrey Math Lines 07.03.2024 (USDCHF, XAUUSD)
USDCHF, “US Dollar vs Swiss Franc”
USDCHF quotes are in the overbought area. The RSI is testing the support line. In this situation, a breakout of the 8/8 (0.8789) level is expected, followed by a decline to the support at 6/8 (0.8667). The scenario could be cancelled by rising above the resistance at +1/8 (0.8850). In this case, the quotes might rise to the +2/8 (0.8911) level.
On M15, the lower boundary of the VoltyChannel is broken, which increases the probability of the price decline.
XAUUSD, “Gold vs US Dollar”
Gold quotes are above the 200-day Moving Average on H4, which indicates the prevalence of an uptrend. However, the RSI is in the overbought area. As a result, in this situation, a rebound from the 5/8 (2156.25) level is expected, followed by a decline to the support at 3/8 (2093.75). The scenario could be cancelled by rising above 5/8 (2156.25), in which case, Gold quotes might rise to the resistance at 6/8 (2187.50).
On M15, the decline could be confirmed by a breakout of the lower boundary of the VoltyChannel.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.