The USD/CHF, the potential bullish bounce scenario is outlined as follows:
Support Levels:
The 1st support level is identified at 0.8797, noted as "Multi-swing low support." This level suggests a historical area where price has found significant buying interest, potentially acting as a strong support zone.
The 2nd support level is located at 0.8727, labeled as "An Overlap support." This level indicates another historical area where buying interest has been observed, reinforcing its significance as a support level.
Resistance Levels:
The 1st resistance level is situated at 0.8874, characterized as "Multi-swing high resistance." This level represents a historical barrier where price has faced selling pressure, potentially leading to a reversal.
The 2nd resistance level is at 0.8959, identified as "Pullback resistance." This level indicates a potential area where selling pressure may intensify, as price retraces from recent highs.
