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Control zones for USD/CHF on July 9, 2020
Yesterday, the USD/CHF pair went beyond the medium-term accumulation zone. This indicates a continuation of the bearish impulse. The nearest goal of the decline is the zone of the average weekly move, the lower border of which is located around the level of 0.9313. Working towards the strengthening of the franc is the basis for building daily trading plans.
The pair’s current decline continues the impulse started in June, which may allow holding sales for a long time.
An alternative growth option has a low probability and requires the formation of the “absorption” pattern at the daily level. Until this pattern is formed, it does not make sense to consider purchases. It is important to understand that any sale deals will bring profit in most cases, due to the strength of the bearish impulse.
Daily CZ – daily control zone. The zone formed by important data from the futures market that changes several times a year.
Weekly CZ – weekly control zone. The zone formed by the important marks of the futures market, which change several times a year.
Monthly CZ – monthly control zone. The zone that reflects the average volatility over the past year.
The material has been provided by InstaForex Company – www.instaforex.com
