The pair managed to close above 200Wsma on the previous week. According to the data released yesterday, Switzerland's economy stood still in the second quarter. The weakness in the European union export markets stagnated Swiss economy. The pair made a high at 0.9212 in yesterday's session and erased all its gain. On the upside, it has resistance at 0.9232, 0.9250, and 0.9265 (50.0 fib level). On the down side, it has support at 0.9150 (200wsma), 0.9125 and 0.9020 levels. For a monthly perspective, it has strong support at 0.8972 (50Wsma).
Monthly view -
Support is at 0.9150, 0.9125, and 0.9020.
Resistance is at 0.9232, 0.9250, and 0.9280.
Intraday cmp 0.9191
The pair opened its session with a minor bullish sign opened lower at the 0.9189 level. The daily stochastic and RSI do not favor fresh buying, representing limited upside up to 0.9244. The pair looks well below 0.9185. For an hourly trading perspective, it has support between the 0.9180 and 0.9170 levels. On the higher side, it has resistance at 0.92 and 0.9212. We recommend selling only below 0.9170 with the targets at the 0.9127 and 0.9150 levels. Fresh buy only above 0.9215 with the targets at 0.9232, 0.9250, 0.9265, and 0.9280.
Recommendations-
Sell below 0.9170.
Buy above 0.9215.