The USDCHF is displaying a positive trend on the 4-hour chart, entrenched within a rising price channel. This uptrend originates from the 0.8332 mark.
Continued Ascendancy and Potential Resistance
The continuity of the upward movement largely hinges on the sustenance of the channel support. Provided this support mechanism remains robust, we could expect the trajectory to continue upwards. In this scenario, a breakout at the 0.8684 resistance could indeed catalyze a further upward shift, allowing a test of the 0.8728 resistance mark.
Subsequent to surmounting this level, the aim would then shift towards the 0.8700 area.
Potential Downsides: Key Support Levels
Delving deeper into potential limitations of this upward trend, it’s critical to note that the primary support level stands at 0.8606. A decisive breakdown occurring beneath this level would imply that the uptrend reaching 0.8728 has already maximized its potential. Should this scenario unravel, it’s expected that the USDCHF pair would discover support at the lower 0.8500 mark.