On Tuesday, the EUR/CHF currency pair pulled back from the session highs of about 0.9127 to trade at about 0.9102. The currency pair trades within a sideways channel formation after the latest rebound.

Tuesday’s pullback pushed the pair slightly below the 100-hour moving average line. However, the currency pair still has 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 Tuesday, the preliminary EU harmonized index of consumer prices for February outperformed the expected (YoY) change of 1.7%, with a change of 1.9%. The preliminary EU’s core harmonized index of consumer prices for the period also beat the forecasted (YoY) change of 2.2%, with a change of 2.4%. 

Earlier in the week, the retail sales for January missed the (MoM) expectation of -0.2%, with a change of -0.9%. On the other hand, the country’s HCOb Manufacturing PMI for February improved to 50.9, up from 50.7, beating the forecast of 50.7.

In Switzerland, the retail sales for January missed the (YoY) expectation of 2.7%, with a change of -1.1%. Looking forward, traders will be waiting for the Swiss consumer price index data for February on Wednesday, ahead of the EU’s producer price index data and the unemployment rate for January later in the day. The EU retail sales data will also be out on Thursday, while the gross domestic product data for Q4 is out on Friday.

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. However, the 14-hour RSI has recently pulled back to avoid ascending into overbought conditions.

Therefore, the bears will look to stretch the latest pullback towards 0.9075 or lower to 0.9049. On the other hand, the bulls will look to pounce on profits at about 0.9127 or higher at 0.9150.

EUR/CHF Technical Analysis (the Daily Chart)

In the daily chart, the EUR/CHF currency pair trades within a descending channel formation. The 14-day RSI also supports a bearish bias as it edges closer to oversold conditions.

Therefore, the bears will look to ride the current run of declines toward 0.9015 or lower to 0.8935. On the other hand, the bulls will look to pounce on rebounds at about 0.9180 or higher at 0.9261.