The USD/CHF, the potential bullish scenario is as follows:
Support Levels:
The 1st support level is observed at 0.8771, attributed to "Pullback support." This level indicates a historical area where price has previously retraced before resuming its upward movement, suggesting potential buying interest.
The 2nd support level stands at 0.8727, designated as "An Overlap support." This level indicates a confluence of historical price action, reinforcing its significance as a support level.
Resistance Levels:
The 1st resistance level is identified at 0.8824, noted as "An Overlap resistance." This level suggests a historical barrier where price has encountered selling pressure, potentially leading to a reversal or consolidation.
The 2nd resistance level is positioned at 0.8874, labeled as "Multi-swing high resistance." This level signifies a significant historical resistance point where multiple swing highs have formed, indicating potential strong selling interest.
