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 0.88422 and is currently trading around 0.88492.
Switzerland's GDP data for the third quarter of 2024 shows a growth of 0.3%, following a stronger 0.7% growth in the second quarter. The services sector continued to drive growth, but industrial output faced some challenges. Private consumption stayed strong, helping support the economy. Analysts expected this modest growth, believing Switzerland's economy would remain stable despite issues like inflation and global uncertainties.
Technical Analysis
The pair is currently trading below the 34- and above 55-EMA on the 4-hour chart.
Near-Term Resistance: Current resistance is at 0.8840. 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 decline from 0.9225 got 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)
- CCI (50): Bearish
- 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.
