Murrey Math Lines 26.10.2023 (USDCHF, XAUUSD)

By RoboForex.com

USDCHF, “US Dollar vs Swiss Franc”

USDCHF quotes are below the 200-day Moving Average on H4, revealing the prevalence of a downtrend. The RSI is approaching the resistance line. In this case, a downward breakout of the 3/8 (0.8977) level is expected, followed by a decline to the support at 1/8 (0.8850). The scenario can be cancelled by rising above 4/8 (0.9033), which could lead to a trend reversal and growth to the resistance at 5/8 (0.9094).

On M15, an additional signal confirming the decline could be a breakout of the lower boundary of the VoltyChannel.

XAUUSD, “Gold vs US Dollar”

Gold quotes and the RSI are nearing their overbought areas on H4. In this situation, a test of 8/8 (2000.00) is expected, followed by a rebound from it and a decline to the support at 6/8 (1937.50). The scenario can be cancelled by rising above 8/8 (2000.00). In this case, the price might reach the resistance at +1/8 (2031.25).

On M15, a breakout of the lower boundary of the VoltyChannel could increase the probability of a price decline.

Article By RoboForex.com

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