On the previous week price failed to close below the most recent low, hence price will pullback further past the zone marked in red to the zone marked in Grey to seek for more liquidity before it gains enough momentum to break the established equal lows after failure to close below the previous low.
Last week we saw USDCHF rallying , and while on the move price created a fresh demand zone for which there's high probability of market pulling into before continuing with the rally
