On Wednesday, the EUR/CHF currency pair pulled back from the session highs of about 0.9457 to trade at about 0.9437 before bouncing back to 0.9447. The currency pair trades within an ascending channel formation on the 60-minute chart.

The pair continues to trade slightly above the 100-hour moving average line after the latest rebound. As a result, the currency pair still has room left to run before reaching the oversold 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 Wednesday, EU industrial production for July outperformed the expected (MoM) change of -0.2%, coming in at -0.1%. 

On Tuesday, the EU ZEW survey economic index for September missed the expected reading of 39.9, coming in at 25.8, down from the previous month’s 31.4. 

Germany’s ZEW survey economic index for September also missed the forecast of 37, with a reading of 34.7, up from the preceding month’s equivalent of 34.2. On the other hand, the country’s ZEW survey for the current situation improved to -47.1, up from the previous month’s equivalent of -61.1, beating the forecast reading of -52.2.

Looking forward, traders will be waiting for the EU’s harmonized index and the core harmonized index of consumer prices data for August on Thursday, ahead of the German producer price index data for August on Friday, alongside the Econfin and Eurogroup meetings.

EUR/CHF Technical Analysis (the 60-min 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 rallying into overbought conditions.

Therefore, the bears will look to stretch the latest pullback towards 0.9437 or lower, to 0.9423. On the other hand, the bulls will look to pounce on profits at about 0.9457 or higher, at 0.9471.

EUR/CHF Technical Analysis (the Daily Chart)

In the daily chart, the EUR/CHF currency pair also trades within an ascending channel formation. However, the 14-day RSI has recently pulled back to avoid ascending into overbought conditions.

Therefore, the bears will look to stretch the current pullback towards 0.9383 or lower, to 0.9318. On the other hand, the bulls will look to pounce on profits at about 0.9509 or higher, at 0.9572.