Murrey Math Lines 10.11.2022 (USDCHF, XAUUSD)
USDCHF, “US Dollar vs Swiss Franc”
On H4, the quotes of the pair and the RSI are nearing the oversold area. Currently, we should expect a test of 0/8 (0.9765), a bounce off it, and growth to the resistance level of 2/8 (1.0009). The scenario can be cancelled by a downward breakaway of the support level of 0/8 (1.0009). In this case, the pair will continue falling, and the quotes may drop to -1/8 (0.9643).
On M15, growth can be additionally confirmed by a breakaway of the upper line of VoltyChannel.
XAUUSD, “Gold vs US Dollar”
On H4, the quotes are above the 200-day Moving Average, which indicates the prevalence of an uptrend. However, the RSI has already reached the overbought area, signaling a possible correction. As a result, we should expect a breakaway of the support level of 5/8 (1703.12) downwards and subsequent falling to 3/8 (1671.88). The scenario can be cancelled by an upwards breakaway of the resistance level of 6/8 (1718.75). This might lead to further growth of the quotes to 7/8 (1734.38).
On M15, a breakaway of the lower lone of VoltyChannel will increase the probability of price falling to 3/8 (1671.88) on H4.
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.