USD/CHF: Hot CPI Lifts the Dollar Off the November Floor — Recovery Swing Setup (Nov 11, 2026)

USD/CHF Long — buying the dollar’s recovery into the retest

America’s inflation fight is back in charge. October core CPI printed above expectations, and within hours two Fed officials raised the stakes: one said a half-point December hike may be needed, the other that at least two more quarter-point moves are clearly required. December is now fully priced, a 50-basis-point case is live, and the yield on two-year Treasuries jumped towards five percent. Against that stands the only major central bank still at zero: the SNB, parked at 0.00% with rate cuts still priced through 2027 and an export sector that suffers every time the franc strengthens. USD/CHF bottomed at the start of last week, has built higher lows since, and yesterday broke the shelf that capped it for five sessions — this morning’s pullback into that broken shelf is where the recovery gets bought.