Last week’s close was above the WCZ 1/2 0.9970-0.9958. This indicates an increase in the probability of further growth to 75%. The next target of the upward movement will be the weekly control zone of 1.0107-1.0083, which still coincides with the range of the average weekly move.
It is important to understand that purchases from current marks are not profitable. Corrective movement may be required to continue growth.
Today, the nearest support is the WCZ 1/4 0.9917-0.9911. The test of this zone will allow entering the purchase after the formation of the absorption pattern. The downward movement is corrective, so it is not recommended to consider sales.
Daily CZ – daily control zone. An area 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. An area that reflects the average volatility over the past year.
The material has been provided by InstaForex Company – www.instaforex.com
Source:: Control zones USDCHF 11/11/19