Murrey Math Lines 11.04.2024 (USDCHF, XAUUSD)
USDCHF, “US Dollar vs Swiss Franc”
USDCHF quotes are above the 200-day Moving Average on D1, indicating a prevailing uptrend. However, divergence has formed on the RSI. As a result, in this situation, the price is expected to rebound from the 7/8 (0.9155) level and fall to the support at 5/8 (0.8911). The decline in the pair is interpreted as a correction within an uptrend. The scenario could be cancelled by rising above the resistance at 7/8 (0.9155). In this case, the pair might reach the 8/8 (0.9277) level.
On M15, the price decline could be additionally supported by a breakout of the lower boundary of the VoltyChannel.
XAUUSD, “Gold vs US Dollar”
The Gold chart shows a similar situation. The quotes are above the 200-day Moving Average, indicating a prevailing uptrend, while divergence has formed on the RSI. In this situation, the price is expected to rebound from the 3/8 (2375.00) level and decline to the support at 2/8 (2250.00). This movement is interpreted as a correction within an uptrend. The scenario could be cancelled by surpassing the 3/8 (2375.00) level. In this case, Gold quotes might rise to the resistance at 4/8 (2500.00).
On M15, another breakout of the lower line of the VoltyChannel will increase the probability of a further price decline.
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.