On Tuesday, the EUR/CHF currency pair pulled back from the session highs of about 0.9225 to trade at about 0.9215. The currency pair trades within an ascending channel formation on the 60-minute chart.

The pair continues to trade a few levels above the 100-hour moving average line, despite the pullback. Tuesday’s pullback prevented the currency pair from entering 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 Tuesday, Germany’s seasonally-adjusted industrial production for May outperformed the expectation of 0.2%, with a change of 0.9% (MoM). 

On Monday, the seasonally-adjusted German factory orders for May also outshone the forecasted (MoM) change of 1.2%, with a change of 1.9%. Traders will be waiting for the German trade balance data for May on Thursday, ahead of the harmonized index of consumer prices data for June on Friday.

Elsewhere, the EU producer price index for May beat the (YoY) expectation of 5.7%, with a change of 5.9%, up from 5% in April. The (MoM) equivalent matched the forecasted change of 0.2%, down from the previous month’s equivalent of 0.7%. On the other hand, the EU retail sales for May missed the (MoM) expectation of 0.3%, with a change of 0.2%. The (YoY) equivalent was in line with the forecast of 1.6%.

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

Technically, the EUR/CHF currency pair trades within an ascending channel formation on the 60-minute chart. However, the 14-hour RSI has recently pulled back to avoid entering overbought conditions.

Therefore, the bears will look to extend the current pullback towards 0.9205 or lower to 0.9194. On the other hand, the bulls will look to pounce on rebounds at about 0.9225 or higher at 0.9235.

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 advancing into overbought conditions.

Therefore, the bears will look to stretch the latest pullback towards 0.9156 or lower to 0.9096. On the other hand, the bulls will look to pounce on profits at about 0.9266 or higher at 0.9323.