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Murrey Math Lines 31.08.2023 (USDCHF, XAUUSD)

USDCHF, “US Dollar vs Swiss Franc”

USDCHF have broken the 200-day Moving Average on H4 and are now below it, revealing a possible development of a downtrend. The RSI is testing the resistance line. In this situation, a rebound from 8/8 (0.8789) is expected, followed by a decline to the support level of 7/8 (0.8728). The scenario can be cancelled by rising above 8/8 (0.8789). In this case, the pair could rise to the resistance at 1/8 (0.8850).

Murrey Math Lines 31.08.2023 USDCHF_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. This happening increases the probability of a further price drop.

Murrey Math Lines 31.08.2023 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 above it, which indicates the probability of an uptrend development. However, the RSI is in the overbought area, which is a signal for a price drop. As a result, in these circumstances, a test of 4/8 (1937.50) is expected, followed by a price drop to the support level of 3/8 (1921.88). The scenario can be cancelled by rising above the resistance at 5/8 (1953.12). In this case, gold quotes might go on growing and rise to 6/8 (1968.75).

Murrey Math Lines 31.08.2023 Gold_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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

Murrey Math Lines 31.08.2023 Gold_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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