USDCHF is recovering slightly after more than 250 pips decline this month. It was one of the worst performers in the past 3 months and lost more than 350 pips from a high of 0.92186. The broad-based US dollar selling due to COVID-19 vaccine optimism. The number of people who have filed for unemployment benefits has increased to 853000 vs an estimate of 725K. US CPI came at 0.2% in November compared to a forecast of 0.1%. The annual inflation unchanged at 1.6%. The slight delay in Coronavirus stimulus is supporting the US dollar at lower levels.
The pair is facing strong intraday resistance at 0.88753 and any break above will take to the next level till 0.8900/0.8920/0.8945/0.8988. Minor bullishness only above 0.9000.
On the lower side, the near term support is around 0.88460, and a dip till 0.8800 is possible.
It is good to buy on dips around 0.8850 with SL around 0.8800 for TP of 0.8945.
