The EUR/CHF currency pair on Thursday extended gains to trade at a new 10-day high of about 0.9607 after the latest EU data. The currency pair appears to have completed an upward breakout from a sideways channel formation.

The pair has now ascended to trade a few levels above the 100-hour moving average line in the 60-minute chart. The pair is now on the verge of breaking into the overbought levels of the 14-hour RSI.

EUR/CHF Fundamentals Overview

From a fundamental perspective, the EUR/CHF currency pair is trading at the back of a relatively busy period in the EU market. On Thursday, the EU economic sentiment indicator for June edged slightly lower to 95.9, down from 96 in the preceding period, missing the forecasted reading of 96.2.

Industrial confidence for the period also failed to match the forecast of -9.6 with a reading of -10.1, down from the preceding period’s update of -9.9, while the Services sentiment beat 6.4 with 6.5, unchanged from the previous period. Elsewhere, the M3 money supply for May outshone the (YoY) forecast of 1.5% with a change of 1.6%, up from 1.3%.

Earlier in the week, Germany’s GFK consumer confidence survey for June fell short of the forecasted reading of -18.9 with a reading of -21.8, down from -21. The German IFO business climate, current assessment and expectations for the period also missed the forecasted reading of 89.7. 88.4, and 91, respectively, with readings of 88.6, 88.3 and 89.

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

Technically, the EUR/CHF currency pair appears to have completed an upward breakout from a sideways channel formation. The 14-hour RSI also seems to support a short-term bullish bias as it edges closer to overbought conditions.

Therefore, the bulls will be targeting extended gains at about 0.9626 or higher at 0.9648. On the other hand, the bears will be targeting potential pullbacks a about 0.9590 or lower at 0.9567.

EUR/CHF Technical Analysis (the Daily Chart)

In the daily chart, the EUR/CHF currency pair appears to have completed an upward breakout from a descending channel formation. The 14-day RSI has also bounced back to avoid falling into oversold conditions.

Therefore, the bulls will be targeting extended rebounds at about 0.9690 or higher at 0.9792. On the other hand, the bears will look to pounce on profits at about 0.9520 or lower at 0.9417.