On Tuesday, the EUR/CHF currency pair pulled back from the session highs of about 0.9370 to trade at about 0.9354 after the latest EU data. The currency pair trades within an ascending channel formation in the 60-minute chart.

The pair continues to trade slightly above the 100-hour moving average line, despite the latest pullback. Tuesday’s pullback prevented the currency pair from advancing into the overbought levels of the 14-hour RSI.

EUR/CHF Fundamentals Overview

From a fundamental perspective, the EUR/CHF currency pair trades during a relatively busy period in the EU market. On Thursday, German retail sales for August missed the (MoM) expectation of 0.6% with a change of -0.2%. The unemployment change for August increased to 14k, up from -9k in July, missing the forecasted change of 7k. The unemployment rate for the month remained unchanged at 6.3%, in line with expectations. 

Germany’s preliminary consumer price index for September outperformed the expected (MoM) change of 0.1% with a change of 0.2%. The (YoY) equivalent also outshone the estimate of 2.3% with a change of 2.4%.

The preliminary harmonised index of consumer prices for the period also outshone the forecasted (MoM) and (YoY) forecasts of 0.1% and 2.2%, respectively, with changes of 0.2% and 2.4%. Earlier in the week, the EU’s consumer confidence for September matched the forecast of -14.9, unchanged from the previous period. The economic sentiment indicator for the month improved slightly to 95.5, up from 05.3 in August. 

EUR/CHF Technical Analysis (the 60-minute chart)

Technically, the EUR/CHF currency pair trades within an ascending channel formation in the 60-minute chart. However, the 14-hour RSI has recently pulled back to avoid entering overbought conditions.

Therefore, the bears will look to extend the current pullback towards 0.9335 or lower to 0.9318. On the other hand, the bulls will look to pounce on profits at about 0.9370 or higher at 0.9386.

EUR/CHF Technical Analysis (the Daily Chart)

In the daily chart, the EUR/CHF currency pair trades within a descending channel formation. However, the 14-day RSI has recently bounced back to avoid moving closer to oversold conditions.

Therefore, the bulls will look to extend the current rebound towards 0.9399 or higher to 0.9443. On the other hand, the bears will look to pounce on profits at about 0.9305 or lower at 0.9262.