On Thursday, the EUR/CHF currency pair bounced off the session lows of about 0.9320 to trade at about 0.9364 before pulling back to 0.9347. The currency pair trades within an ascending channel formation in the 60-minute chart.

The pair continues to trade slightly above the 100-hour moving average line despite the late pullback. Thursday’s pullback prevented the currency pair from ascending 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 Thursday, Switzerland’s consumer price index for June outperformed the expected (MoM) change of 0% with a change of 0.2%. The (YoY) equivalent also outshone the forecast of -0.1% with a change of 0.1%. Earlier in the week, Swiss retail sales for May missed the expected (YoY) change of 0.8% with a change of 0%.

In the EU, Germany’s retail sales for May fell short of 0.5% with a change of -1.6% (MoM). The preliminary consumer price index for June also missed 0.2% with a change of 0% (MoM), while the preliminary harmonised index of consumer prices for the month fell short of 0.3% (MoM) and 2.2% (YoY), with changes of 0.1% and 2%, respectively.

Germany’s unemployment change for May came in stronger than expected with 11k versus a forecast of 15k, down from 34k in April. The unemployment rate for the month also beat the forecast of 6.4% with 6.3%, unchanged from April. The EU’s unemployment rate shot to 6.3% from 6.2%, missing the forecast of 6.2%.

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 0.9334 or lower to 0.9320. On the other hand, the bulls will look to pounce on profits at about 0.9364 or higher at 0.9377.

EUR/CHF Technical Analysis (the Daily Chart)

In the daily chart, the EUR/CHF currency pair also trades within an ascending channel formation. The 14-day RSI has also pulled back to avoid ascending into overbought conditions.

Therefore, the bears will look to stretch the current downward movement towards 0.9281 or lower to 0.9209. On the other hand, the bulls will look to ride the current rally towards 0.9412 or higher to 0.9479.