At the end of last week, the pair broke through the WCZ 1/4, which opens up the possibility of a decrease to the WCZ 1/2 0.9904-0.9892. Now this area is the main target for sales opened yesterday. In the WCZ 1/2 test, partial consolidation and searching for a buy pattern will be required, since growth remains a medium-term impulse.
Work in the downward direction remains a priority at the intraday level, however, this may change if demand is increased relative to yesterday’s movement.
An alternative model will be developed if the closure of today’s US session occurs below the level of 0.9892. This will indicate the formation of a reversal model of the medium-term level. Sales will come to the fore at tomorrow’s European session.
Daily CZ – daily control zone. The area formed by important data from the futures market, which change several times a year.
Weekly CZ – weekly control zone. The zone formed by important marks of the futures market, which change several times a year.
Monthly CZ – monthly control zone. The zone, which is a reflection of the average volatility over the past year.
The material has been provided by InstaForex Company – www.instaforex.com
Source:: Control zones USDCHF 10/08/19