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Murrey Math Lines 10.08.2023 (USDCHF, XAUUSD)

USDCHF, “US Dollar vs Swiss Franc”

USDCHF quotes are below the 200-day Moving Average on H4, indicating a prevailing downtrend. The RSI is testing the resistance line. In this situation, a breakout of 3/8 (0.8728) is expected, followed by a price decline to the support level at 2/8 (0.8667). The scenario can be cancelled by a breakout of the resistance at 4/8 (0.8789), which could lead to a trend reversal and trigger price growth to 5/8 (0.8850).

Murrey Math Lines 10.08.2023 USDCHFH4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On M15, a price decline might be additionally supported by a breakout of the lower line of the VoltyChannel.

Murrey Math Lines 10.08.2023 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 are below the 200-day Moving Average on H4, which indicates a prevailing downtrend. The RSI has rebounded from the resistance line. In this situation, the price is expected to fall to the nearest support level at 1/8 (1890.62). The scenario can be cancelled by a breakout of the resistance level at 3/8 (1921.88). In this case, gold quotes could rise to 4/8 (1937.50).

Murrey Math Lines 10.08.2023 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 is broken, which increases the probability of a further price decline.

Murrey Math Lines 10.08.2023 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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