Murrey Math Lines 16.03.2023 (USDCHF, XAUUSD)

By RoboForex.com

USDCHF, “US Dollar vs Swiss Franc”

On H4, USDCHF pair has broken through the 200-day Moving Average and is now above it, which indicates a possible bullish trend. The RSI is approaching the overbought area. In this situation we should expect the price to test 5/8 (0.9338) and its further breakdown and increase to resistance level of 6/8 (0.9399). A break-down of the support at 4/8 (0.9277) will cancel this scenario. In this case the pair may fall to the 3/8 (0.9216).

On M15, the upper line of the VoltyChannel indicator has been broken. This event increases the probability of further price growth.

XAUUSD, “Gold vs US Dollar”

On H4, level 8/8 (1937.50) and broke away from it, which indicates a possible corrective decline in the price. Convergence is observed on the RSI, which is also a signal of drop in the price. As a result, the price is likely to break down the level of 6/8 (1906.25) and then fall to the support level 4/8 (1875.00). Overcoming resistance at 7/8 (1921.88) can cancel this scenario. If that happens, the price of gold might return to the 8/8 (1937.50).

On M15, a break-down of the bottom line of the VoltyChannel indicator will be an additional signal for the downside movement of the price.

Article By RoboForex.com

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