On Wednesday, the EUR/CHF currency pair extended Tuesday’s pullback to trade at about 0.9331 after the latest round of economic data. The currency pair trades within a sideways channel formation in the 60-minute chart.

The pair has now fallen to trade at the 100-hour moving average line. However, the currency pair still has plenty of 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 both markets. On Wednesday’s Switzerland’s consumer price index for November missed the (YoY) forecast of 0.1%, with 0%, down from 0.1% in October. The (MoM) equivalent improved to -0.2%, up from -0.3% in the preceding month, in line with estimates. Earlier in the week, Swiss retail sales for October outperformed the (YoY) expectation of 1.2%, with a change of 2.7%.

In the EU, the producer price index for October missed the (YoY) expectation of -0.4%, with a change of -0.5%. The (MoM) equivalent was in line with the estimate of 0.1%. On the other hand, the HCOB Composite PMI for November outperformed the expected reading of 52.4, with a reading of 52.8. 

Elsewhere, Germany’s HCOB Composite PMI beat 52.1, with a reading of 52.4, while the HCOB Services PMI for the period outshone 52.7, with a reading of 53.1. Earlier in the week, the EU’s unemployment rate for October remained unchanged at 6.4%, missing the forecast of 6.3%.

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

Technically, the EUR/CHF currency pair trades within a sideways channel formation in the 60-minute chart. The 14-hour RSI remains central, leaving room for both the bulls and the bears to strike.

Therefore, the bulls will be targeting potential upward movement at about 0.9348 or higher at 0.9364. On the other hand, the bears will look to pounce on downward movement at about 0.9316 or lower at 0.9300.

EUR/CHF Technical Analysis (the Daily Chart)

In the daily chart, the EUR/CHF currency pair trades within an ascending channel formation in the 60-minute chart. However, the 14-day RSI still has room left to run before reaching overbought conditions.

Therefore, the bulls will look to extend the current rebound towards 0.9387 or higher to 0.9447. On the other hand, the bears will look to pounce on profits at about 0.9275 or lower at 0.9215.