The EUR/CHF currency pair on Thursday pulled back off session highs of about 0.9629 to trade at about 0.9613. The currency pair continues to trade within an ascending channel formation in the 60-minute chart. 

Thursday’s late pullback pushed the currency pair closer to the 100-hour moving average line. As a result, the currency pair appears to have avoided rallying 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, Switzerland’s producer price and import prices for February missed the expected (MoM) change of 0.2% with a change of 0.1%, up from the preceding month’s equivalent of -0.5%. The (YoY) equivalent also improved to -2% up from -2.3% in the previous update. 

In the EU, the seasonally adjusted industrial production for January missed the expected (MoM) change of -1.5% with a change of -3.2%. The (YoY) equivalent also fell short of the forecasted change of -2.9% with a change of -6.7%.

Earlier in the week, Germany’s harmonised index of consumer prices for February matched the expected (YoY) change of 2.7%. The (MoM) equivalent was also in line with the estimate of 0.6%.  The German consumer price index for February came out as expected with (MoM) and (YoY) changes of 0.4% and 2.5%, respectively.

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

Technically, the EUR/CHF currency pair appears to be trading 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 be targeting extended pullbacks at about 0.9594 or lower at 0.9573. On the other hand, the bulls will look to ride the current rally towards 0.9629 or higher to 0.9651.

EUR/CHF Technical Analysis (the Daily Chart)

In the daily chart, the EUR/CHF currency pair appears to be trading within an ascending channel formation. The 14-day RSI also seems to support a long-term bullish bias as it edges closer to overbought conditions.

Therefore, the bulls will be targeting long-term profits at about 0.9685 or higher at 0.9756. On the other hand, the bears will look to pounce on profits at about 0.9546 or lower at 0.9480.