USDCHF is trading extremely weak after a minor recovery till 0.89082 on broad-based US dollar selling. US FDA has cleared Pfizer - BioNtech COVID-19 vaccine on Friday. The demand for Safe-haven assets like the dollar has decreased on COVID-19 vaccine optimism. It was one of the worst performers in the past 7 months and lost more than 1350 pips from a high of 1.02369. The slight delay in Coronavirus stimulus is supporting the US dollar at lower levels.
The pair is facing strong intraday resistance at 0.8920 and any break above will take to the next level till 0.8945/0.8988. Minor bullishness only above 0.9000.
On the lower side, the near term support is around 0.8850, and a dip till 0.8800 is possible.
It is good to buy on dips around 0.8 with SL around 0.8800 for TP of 0.8945.
