On Wednesday, the EUR/CHF currency pair extended Tuesday’s rebound from the current week’s low of about 0.9217 to trade at about 0.9238. The currency pair trades within a descending channel formation on the 60-minute chart.

The pair advanced to trade slightly above the 100-hour moving average line after the latest rebound. However, the currency pair still has plenty of room left to run before reaching overbought conditions in 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, Germany’s GFK Consumer Confidence Survey for November edged slightly lower to -30.8, down from -30.6, beating the forecast reading of -31. Earlier in the week, the country’s IFO business climate for October improved from 89.9 to 90.2, beating the forecast reading of 89.8. 

On the other hand, the IFO for the current assessment in October fell to 88.8, down from 89.5 in September, while the IFO expectations rose to 91.6, up from 90.4. In Switzerland, the ZEW Survey expectations for October fell to -15.3, down from 2.6 in September.

Looking forward, traders will be waiting for the EU’s consumer confidence, economic sentiment, and business climate data for October on Thursday, ahead of the ECB’s interest rate decision later in the day. 

Traders will also be waiting for the German employment change data and the EU’s unemployment rate for September on Friday, alongside the preliminary gross domestic product for Q3 and Germany’s preliminary consumer price index data for October later in the day.

EUR/CHF Technical Analysis (the 60-min Chart)

Technically, the EUR/CHF currency pair trades within a descending channel formation on the 60-minute chart. However, the 14-hour RSI has recently bounced back to avoid falling into oversold conditions.

Therefore, the bulls will look to extend the current rebound towards 0.9258 or higher, up to 0.9280. On the other hand, the bears will look to pounce on profits at about 0.9217 or lower, down to 0.9196.

EUR/CHF Technical Analysis (the Daily Chart)

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

Therefore, the bulls will look to stretch the current rebound towards 0.9304 or higher, up to 0.9364. On the other hand, the bears will look to pounce on profits at about 0.9174 or lower, down to 0.9113.