FxWirePro- USDCHF Trade idea

The currency pair lost its shine on board-based US dollar selling. It hit an intraday low of 0.9000 and is currently trading around 0.90402. The intraday bias appears to be bearish as long as the resistance 0.9705 holds.

In Switzerland, the unemployment rate in January 2025 stood at 3.0% against an estimate of 2.9%. The seasonally adjusted rate came in as expected at 2.7%, however, the rate for the previous month's adjusted unemployment came in slightly changed from a preliminary 2.6% to 2.7%. The unemployment rate remained at 2.8% in December 2024, the highest since July 2021, and at 130,293 jobless people to date, this was 9,179 up on the previous month. The average rate of unemployment in 2024 was 2.4 percent, and an increase in December was largely seen due to seasonal factors.

Markets eye US NFP data tomorrow for further direction.

Technical Analysis and Resistance Levels

The pair is trading below the 34-EMA and above 55-EMA on the 4-hour chart  indicates a mixed trend. The immediate resistance is at 0.9075 any break above  targets 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 0.9000, any violation below will drag the pair to 0.8940/0.8890/0.8800.

Bullish Indicators

CCI (50) - Bearish
Directional movement Index - Neutral

Trading Strategy Recommendation

It is good to sell on rallies around 0.9048-50 with a stop-loss at 0.9100 for a TP of 0.8894.