Murrey Math Lines 16.11.2023 (USDCHF, XAUUSD)

By RoboForex.com

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has broken the 200-day Moving Average on H4, indicating a possible development of a downtrend. However, the RSI is already in the oversold area. As a result, the quotes are expected to rise above 2/8 (0.8911), reaching the resistance level of 3/8 (0.8977). The scenario can be cancelled by a downward breakout of 1/8 (0.8850). In this case, the pair might drop to the support at 0/8 (0.8789).

On M15, a breakout of the upper boundary of the VoltyChannel could increase the probability of a price rise.

XAUUSD, “Gold vs US Dollar”

XAUUSD quotes are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. The RSI has broken the resistance line. In this case, the quotes are expected to rise above 7/8 (1968.75), followed by a rise to the resistance level of 8/8 (2000.00). The scenario might be cancelled by a downward breakout of 6/8 (1937.50), which could lead to a trend reversal and a decline to the support at 5/8 (1906.25).

On M15, a breakout of the upper boundary of the VoltyChannel could increase the probability of a further price rise.

Article By RoboForex.com

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