USDCHF Chart Technical Outlook building a bearish Head and Shoulders pattern
USDCHF – bespoke support is located at 0.8935 and 0.8844. Elliott Wave analysis highlights a bearish 5-wave count reacting higher at these downside barriers. This time frame also highlights scope to build a bearish head and shoulders formation. That would suggest we are currently within the (bullish) right shoulder.
The one-hour chart highlights an order block between 0.9081 and 0.9096. We have a previous break of structure (BoS) at 0.9072.
Resistance: 0.9071 (BoS), 0.9081 (order block), 0.9096 (swing high)
Support: 0.8998 (swing low), 0.8935 (bespoke), 0.8845 (bespoke)
