The currency pair trades well below the 0.9000 level on board-based US dollar selling. It hit a low of 0.89411 and is currently trading around 0.89435. The intraday bias appears to be bearish as long as the resistance 0.9000 holds.
The Swiss economy showed solid growth during the fourth quarter of 2024, as GDP grew 0.5% quarter-over-quarter, sporting events adjusted. This is above initial estimates and the largest growth since the first quarter of 2023. The recovery was driven by a return to growth in the manufacturing sector, particularly supported by the performance of the chemical and pharmaceutical sectors
Technical Analysis and Resistance Levels
The pair is trading above the 34-EMA and below the 55-EMA on the 4-hour chart indicating a mixed trend. The immediate resistance is at 0.9000 any break above targets 0.9035/0.9070/0.9100/0.9150/0.9200/0.92250/0.9275/0.9030.
Support Levels and Potential Declines
On the downside, near-term support is around 0.8940, any violation below will drag the pair to 0.8890/0.8800.
Bullish Indicators
CCI (50) - Bearish
Directional movement Index - neutral
Trading Strategy Recommendation
It is good to sell on rallies around 0.9000 with a stop-loss at 0.9040 for a TP of 0.8940/0.8900.
