Control zones for USD/CHF on 07/29/2020

The pair is trading outside the average monthly and weekly moves today. This increases the probability of forming a corrective ascending pattern. To implement it, updating the weekly low and testing the weekly control zone 0.9153-0.9126 are necessary.

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The major pullback level is at 0.9276. The probability of the formation of a corrective pattern increases to 90%.

The alternative pattern of continuing the decline has a low probability, so selling from the current levels is not profitable. However, buying is also too early and it is necessary to wait for the formation of the "absorption" pattern on the daily time frame.

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Daily CZ - day control zone. A zone formed by important data from the futures market that changes several times a year.

Weekly CZ - weekly control zone. A zone formed by important marks of the futures market that change several times a year.

Monthly CZ - monthly control zone. A zone that reflects the average volatility over the past year.

The material has been provided by InstaForex Company - www.instaforex.com