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The currency pair declined sharply on board-based US dollar weakness. It hit an intraday low of 0.89733 and is currently trading around 0.89751. The intraday bias appears bearish as long as the resistance level at 0.9150 holds.
In January 2025, the U.S. flash Manufacturing PMI increased to 50.1, a sign that manufacturing is growing once again after a few months of contracting, contrary to analysts' expectations of a less significant increase. The Services PMI decreased to 52.8, a level not seen since April 2024. The overall Composite PMI slid to 52.4, which reflected deceleration mostly because of weakness in the services sector. Increased optimism in manufacturing is tied to expectations of supportive policies from President Trump, while the services sector faces challenges from rising costs and inflation. Overall, these figures suggest mixed economic signals as the U.S. starts 2025.
Markets eye the SNB Chairman's speech today and Fed monetary policy on Wed for further direction.
Technical Analysis and Resistance Levels
The pair is trading below the 55-EMA and above the 34-EMA on the 4-hour chart indicates a bearish trend. The immediate resistance is at 0.9000 any break below targets 0.9030/0.9070/0.9150/0.9200/0.92250/0.9275.
Support Levels and Potential Declines
On the downside, near-term support is around 0.8970, any violation below will drag the pair to 0.8940/0.8890.
Bullish Indicators
CCI (50) - Bearish
Directional movement Index - Bearish
Trading Strategy Recommendation
It is good to sell on rallies around 0.9000 with a stop-loss at 0.9040 for a TP of 0.8890/0.8845.
