Channah's prayer is a song of praise to Hashem for granting her request for a child. It revolves around her previous travails as a barren woman and her present happiness in the birth of her son.
"וַתִּתְפַּלֵּל חַנָּה" – Abarbanel points to Tanakh's description of Channah's words as a "prayer" as support that Channah's words were not a prophecy but a personal song of thanksgiving.
Exalting in God – The opening lines of praise to Hashem are understood simply as thanksgiving to Hashem for raising Channah up from despondency. Whereas in her barrenness she had been sad and lowly, now her heart was filled with joy and she had the pride to raise her head.
"רָחַב פִּי עַל אוֹיְבַי " – According to these sources, the enemy mentioned refers to Penina (and others like her), who had upset Channah yearly regarding her barren state. Abarbanel explains the choice of language "and my mouth has widened" as a contrast to Channah's quiet ways when she was distressed. He points out that those who are full of sorrow tend to speak quietly, without their voices being heard. Thus, too, Channah had previously prayed in silence (שְׂפָתֶיהָ נָּעוֹת וְקוֹלָהּ לֹא יִשָּׁמֵעַ). Now, though, she opened her mouth wide to rejoice in Hashem's aid.
"וְאֵין צוּר כֵּאלֹהֵינוּ"
Rashi and R. Yosef Kara, following Bavli BerakhotBerakhot 10aAbout the Bavli,2 take this verse out of its simple meaning and read "צוּר" as "צייר". Channah is saying that there is no artist like Hashem who can form a living soul, alluding to the birth of Shemuel.
Radak more simply reads the word "צוּר" as a metaphor for strength, saying that Channah is praising Hashem's ability to reverse nature and make one who was barren fruitful.
"אַל תַּרְבּוּ תְדַבְּרוּ גְּבֹהָה גְבֹהָה" – These words too are aimed at Penina (and others like her), who had been haughty in their fruitfulness, and looked down upon Channah.
Changing fortunes of man – The heart of the song speaks of how a person's situation can change overnight from positive to negative or the opposite, just as Channah's barren state had reversed itself. Through the many examples that Channah brings she both gives hope to the unfortunate and stymies the mouths of those who gloat in their good fortune.
"עַד עֲקָרָה יָלְדָה שִׁבְעָה וְרַבַּת בָּנִים אֻמְלָלָה" – This example of life reversals, found exactly in the middle of the prayer, highlights Channah's personal situation. Rashi and Radak maintain that while she bore many children, Peninah lost hers.3
Historical Prophecy
Channah's song contains prophetic material relating to the nation as a whole. This approach subdivides regarding the time period to which the song refers:
Distant Future
The prayer relates to events throughout the nation's history from the defeat of the Philistines by the hand of Shemuel until the time of Mashiach.
Sources:Targum Yonatan, Radak
Close Future
The entire song focuses on the time period of Shemuel, weaving present events with future actions to be done by the prophet.
Channah's prayer relates not to her personal life but to the fate of the nation. It focuses on the themes of dominion and kingship as a segue into her request that Hashem appoint an appropriate leader for the nation.
Sources:R. Silber
Pre-existing Song
Channah's prayer was not her own composition. Rather, she utilized a song that was prevalent in her day since it had a passing reference to her specific situation.