FX.co ★ Control zones for USDCHF on 05/05/20

Yesterday's trading closed above last Friday's trade. This becomes the starting point in forming the upward model. The nearest resistance is WCZ 1/4 0.9679-0.9670. The breakdown of this zone will enable us to consider purchasing. The growth target will be last week's high. The upward movement will enable you to start work within the medium-term accumulation zone formed in the last two weeks.

Work within the medium-term flat implies partial consolidations at the borders of the range. The likelihood of resuming the downward movement is still present.

An alternative decline model will develop if the WCZ 1/4 test leads to forming an Absorption pattern and stops growth. It is important to remember that the downward movement is an unfinished model, therefore, sales opened last week must be moved to breakeven and hold until the price is consolidated above the WCZ 1/4.

Daily CZ - daily control zone. The area formed by important data from the futures market, which changes several times a year.

Weekly CZ - weekly control zone. The zone formed by important marks of the futures market, which changes several times a year.

Monthly CZ - monthly control zone. The zone, which is a reflection of the average volatility over the past year.