On Tuesday, the EUR/CHF currency pair bounced back from the session lows of about 0.9318 to trade at about 0.9361. The currency pair trades within an ascending channel formation on the 60-minute chart.

The currency pair has now advanced to trade at around the 100-hour moving average line. However, the pair pulled back slightly to avoid rallying 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 Tuesday, the German factory orders for August missed the expected (MoM) change of -1%, with a change of -10.6%. The EU retail sales for the month also fell short of the forecast (MoM) change of 0.2%, with a change of 0.1%. The (YoY) equivalent missed the estimate of 1%, with a change of 0.8%.

On Monday, Germany’s HCOB Composite PMI for September matched the forecast reading of 53.8. The HCOB Services PMI for the period was also in line with the estimate of 52.9. The EU’s HCOB Composite PMI for the month was unchanged from August at 53.1, as expected. The producer price index for August was also in line with the forecast (MoM) change of 1.9%. 

Looking forward, traders will be waiting for the German industrial production data for August on Wednesday, ahead of the country’s trade balance statement for the month on Thursday, and the European Central Bank’s Monetary Policy Accounts statement later in the day.

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 extend the current pullback towards 0.9318 or lower, to 0.9277. On the other hand, the bulls will look to pounce on profits at about 0.9403 or higher, at 0.9444.

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 move closer to oversold conditions.

Therefore, the bears will look to extend the latest pullback towards 0.9232 or lower, to 0.9108. On the other hand, the bulls will look to pounce on rebounds at about 0.9481 or higher, at 0.9598.