Published Thursday, 26 June 2014
Honduras lost out to Switzerland to exit the World Cup. (© Getty)
Honduras needed a win to have any hope of qualifying, but a hat-trick from Xherdan Shaqiri saw them finish bottom of Froup E after three defeats on the bounce.
Suáerz told FIFA's website that it was "time for a change".
He added: "Unfortunately we didn't get the result we were hoping for. The whole country is disappointed and I'm sad because we didn't manage to reach the next round. That was our dream.
"I made the decision to step down five minutes ago. The new coach has a good squad at his disposal, we've got good young players and we're on the right track.
"I'll take positive memories from this experience and I'll always be a Honduras fan."
Switzerland go through to the last 16 as the runners-up of their group and will face Argentina.
Shaq insists anything can happen in the knock-out stages.
"The important thing is that we stuck together as a team. Now we'll have to see what happens. We're in the Round of 16 so anything is possible," he said.
© UTV News