USDCHF Analysis: Breakdown Below Support Level and Price Channel Dynamics
USDCHF has recently breached the support level at 0.8742 and remains within a descending price channel on the 4-hour chart.
While the price remains within this channel, there is potential for a further downward movement in the upcoming days, with the next target area likely around 0.8700.
A critical resistance level to watch is situated at 0.8794. A successful breakout above this level would suggest that the downward movement from 0.8892 may have concluded at 0.8729, potentially paving the way for another upward move towards 0.8900.