FX.co ★ Ambar Hassan | USD/CHF

I am currently observing the USD/CHF currency pair on the H4 chart, and I can see that it is trading in sell territory. I notice that the breakout from the upper boundary of the Ichimoku Cloud indicator is still relatively small, yet I acknowledge that it is definitely present. I am watching the price action closely as it now heads to test the significant 0.7740 resistance level. I believe that a successful breakout above this level would allow the pair to climb further, and I would then anticipate a rise toward the 0.7818 mark. However, I am also prepared for an alternative scenario where the price might rebound from this resistance. If that happens, I expect the pair to return to sell territory, and I will then be watching for a test of the 0.7629 support level. I consider this support level to be crucial for the next directional move. Should I see a strong rebound from the 0.7629 support, I would then look for a resumption of growth back up to 0.7818. I understand that only a decisive breakout above the 0.7818 resistance would then open the door for a more sustained move to the north, and I would set my sights on the 0.7870 level as the next target, with the potential for even further gains beyond that

I am also carefully monitoring the conditions that would confirm a shift back into sell territory. I have determined that the price will be washed out of its current sell territory after it manages to break below the lower boundary of the Ichimoku Cloud indicator. I am also watching the 0.7677 support level, as a break below this point would be my confirmation signal. Once I see this break, I will then execute my sell orders, targeting the 0.7603 support level as my immediate downside objective. In my technical assessment, I am also utilizing the CCI indicator on the H4 chart, and I can see that its line is currently looking up. This upward momentum tells me that there is a strong possibility of a rebound from the 0.7677 level, and I interpret this as a sign of bullish sentiment that could drive the price up to retest the 0.7740 resistance. However, I must be cautious because I also observe that the CCI indicator line is already almost at the peak of purchases. From my experience, this positioning suggests that there is very little time left for this upward move to continue. I am preparing for the possibility that we may soon see a pullback, or perhaps a period of consolidation, as the market digests this move. I am specifically watching for a potential flat trading range to form between the 0.7740 and 0.7677 levels, which would leave us with a defined range to trade within until a clearer direction emerges.