USD/CHF (US Dollar/Swiss Franc), the potential bullish bounce scenario is outlined as follows:
Support Levels:
The 1st support level is observed at 0.8804, marked as "An Overlap support." This level suggests that historical price action has demonstrated buying interest around this area, indicating a potential support zone where traders may anticipate a bounce in price.
The 2nd support level is identified at 0.8727, also characterized as "An Overlap support." Similar to the 1st support level, historical data suggests significant buying interest at this level, reinforcing its role as a support zone.
Resistance Levels:
The 1st resistance level is situated at 0.8874, denoted as "Multi-swing high resistance." This level indicates a significant barrier to further upward movement, where multiple swing highs align to create resistance.
The 2nd resistance level is at 0.8959, labeled as "Pullback resistance." This level suggests that price may face resistance as it retraces from recent declines.
