themarketzone

4H harmonic pattern near important weekly support

FX:EURCHF   Euro Fx/Swiss Franc
1.2 zone is a very important support zone. We saw some significant rallies from this zone (with the help of the Swiss bank).
We see in the chart a harmonic pattern that the price tried to violate and failed (spike low).
The price currently is below minor resistance (red). A break above this resistance could mean the execution of the bullish pattern
1.2065 is the initial intra-day target for a bullish move.
1.208 is the second.

If the resistance hold, 1.2 is the bears target level. at 1.2 I would look for a double bottom.
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Tomer J,
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