The USDCHF has experienced a substantial increase in price from 0.90603 on February 1st to 0.94284 on February 27th, with this level being retested on March 1st, indicating a month-long upward trend. On February 27th, a large bearish harmonic pattern was observed across the M30, H1, and H4 time frames, leading to a sharp decline in price towards a resistance zone, which later turned into a support zone (0.93604 - 0.93513) after being tested three times and rejecting price to the upside.
Presently, the price has returned to this support zone (0.93604 - 0.93513), resulting in a strong buying reaction. If this support zone is held firmly by buyers, a potential price rally towards the resistance zone (0.94109 - 0.94205) may occur. However, such a rally would likely be short-lived, as it is expected that the price will experience a significant drop in the coming days in order to respect the bearish harmonic pattern.
Therefore, here are my 2 intraday perspectives:
1. A minor increase towards the resistance zone may occur, while the broader outlook suggests that a bearish sentiment may have started.
2. From an M15 perspective, there appears to be a head-and-shoulders pattern in the process of forming. The left shoulder and head have already been established, while the right shoulder is currently being formed, thereby confirming the likelihood of a brief intra-day rise before a significant decline in price to 0.92882, the broken resistance region or deeper.
However, if the pattern is not validated, it becomes null and void.
Presently, the price has returned to this support zone (0.93604 - 0.93513), resulting in a strong buying reaction. If this support zone is held firmly by buyers, a potential price rally towards the resistance zone (0.94109 - 0.94205) may occur. However, such a rally would likely be short-lived, as it is expected that the price will experience a significant drop in the coming days in order to respect the bearish harmonic pattern.
Therefore, here are my 2 intraday perspectives:
1. A minor increase towards the resistance zone may occur, while the broader outlook suggests that a bearish sentiment may have started.
2. From an M15 perspective, there appears to be a head-and-shoulders pattern in the process of forming. The left shoulder and head have already been established, while the right shoulder is currently being formed, thereby confirming the likelihood of a brief intra-day rise before a significant decline in price to 0.92882, the broken resistance region or deeper.
However, if the pattern is not validated, it becomes null and void.
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M15 Chart
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TP1 and TP2 hit.