FxWirePro- USDCHF Trade Idea

The pair pared some of its gains as demand for safe-haven assets increased. Overall bias remains bullish as long as support 0.8780 holds. It hit a low of  0.88405  and is currently trading around 0.88449.

In November 2024, Switzerland's Consumer Price Index (CPI) decreased by 0.1%, similar to October's results, showing low inflation. Year-over-year, the CPI rose slightly from 0.6% to 0.7%, but it was below the expected 0.8%. The core CPI, which excludes volatile items, stayed stable from the previous month. Prices for domestic products fell by 0.1%, and imported goods had a bigger drop of 0.4%.

Technical Analysis

The pair is currently trading above the 34- and above 55-EMA on the 4-hour chart.

Near-Term Resistance: Current resistance is at 0.8860. A break above this level could lead to targets at 0.8880/0.8900/0.8960/ 0.9000/0.90480. The break above 0.87500 confirms that the decline from 0.9225 was completed at 0.83750.

Immediate Support: The next support level is at 0.8780. If this level is broken, the pair could drop to 0.8720/0.8700/0.8660/0.8600/0.8580, 0.8550, 0.8525, 0.8499, 0.8440, 0.8420, 0.8390, 0.8365 (61.8% Fibonacci projection), or even 0.8340.

Indicator Analysis (4-hour chart)

1. CCI (50): Bearish
2. Average Directional Movement Index: neutral

Overall, the trend remains mixed

Trading Recommendation

Consider buying on dips around 0.8800, with a stop loss set at 0.8770 and aiming for a target price of 0.9000.