USD/CHF is near historical rejection zone, 1.0020-25 near +1/8 MM Octave. We might see high momentum rejections in the POC zone if price makes a bearish reversal candle pattern formation.
The POC zone 1.0010-20 is a zone of strong confluence (D H4 Pivot // W H3 Pivot // +1/8 MM Octave), with the potential of rejection spikes.
A strong 5 touch trendline from 19th Feb is supporting the bearish bias. The proprietary ECS MACD indicator indicating a bullish momentum decay as well. As long as price stays below cluster rejection zone, trendline, and 1.0025 [+2/8 Extreme Overshoot], the sentiment remains extremely bearish.
Look for a reversal candle formation (hanging man, shooting star, engulfing, marabozu, bearish harami) that might be catalyst for a spike in bearish momentum.
Target is 0.9964, strong confluence zone of D L4 Pivot, W L3 Pivot and 2/4 MM Octave (Red Area). The Red zone is the next area where we predict a high momentum bullish rejection of price.
The analysis has been done with the CAMMACD.MTF template.
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Many green pips,