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Murrey Math Lines 03.08.2023 (USDCHF, XAUUSD)

USDCHF, “US Dollar vs Swiss Franc”

USDCHF quotes are in the oversold area on H4. The RSI has rebounded from the support line. In this situation, the price is expected to break the 0/8 (0.8789) level and rise to the resistance at 1/8 (0.8911). The scenario can be cancelled by a downward breakout of the support at -1/8 (0.8667). In this case, the pair could return to -2/8 (0.8544).

Murrey Math Lines 03.08.2023 USDCHFH4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, the upper line of the VoltyChannel has been broken, which increases the probability of a further price rise.

Murrey Math Lines 03.08.2023 USDCHF_M15
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

XAUUSD, “Gold vs US Dollar”

Gold quotes have broken the 200-day Moving Average on H4 and are now hovering below it, which indicates a potential downtrend. The RSI has rebounded from the support line. In this situation, the price is expected to decline to 3/8 (1921.88). The scenario can be cancelled by an upward breakout of the resistance at 4/8 (1937.50). In this case, gold quotes could rise to 5/8 (1953.12).

Murrey Math Lines 03.08.2023 XAUUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, the lower line of the VoltyChannel has been broken, which increases the probability of a further price drop.

Murrey Math Lines 03.08.2023 XAUUSD_M15
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Attention!

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.


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