The currency pair declined once again after a minor pullback. It hit an intraday high of 0.89248 and is currently trading around 0.88658. The intraday bias appears to be bearish as long as the resistance 0.9000 holds.
In February 2025, Switzerland's unemployment rate improved slightly to 2.9% compared to 3.0% in January, while the number of unemployed dropped by 0.3 thousand to 135.4 thousand and that of young unemployed persons dropped slightly to 2.7%. This is a signal of a stable and robust labor market in Switzerland that bodes well for overall economic stability within the nation.
Technical Analysis and Resistance Levels
The pair is trading below the 34-EMA and 55-EMA on the 4-hour chart indicating a bearish trend. The immediate resistance is at 0.8940 any break above targets 0.9000/0.9035/0.9070/0.9100/0.9150/0.9200/0.92250/0.9275/0.9030.
Support Levels and Potential Declines
On the downside, near-term support is around 0.8850, any violation below will drag the pair to 0.8800/0.8720.
Bullish Indicators
CCI (50) - Bearish
Directional movement Index - Bearish
Trading Strategy Recommendation
It is good to sell on rallies around 0.8900 with a stop-loss at 0.8948 for a TP of 0.8800.
