On Tuesday, the EUR/CHF currency pair pulled back from the session highs of about 0.9308 to trade at about 0.9286 after the latest EU data. The currency pair trades within a descending channel formation in the 60-minute chart.

The pair has now plummeted to trade a few levels below the 100-hour moving average line. As a result, the currency pair is on the verge of entering 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 the EU market. On Tuesday, Switzerland’s producer and import prices for September missed the (MoM) change of 0.2% with a change of -0.2%, up from -0.6% in the preceding period. The (YoY) equivalent posted a similar change to the previous period of -1.8%. 

In Germany, the ZEW survey for the current situation in October fell short of the forecasted reading of -75, with a reading of -80, down from -76.4. The ZEW Survey for economic sentiment for the month also missed the expectation of 40.5, with a reading of 39.3, up from the previous month’s equivalent of 37.3. The EU’s ZEW survey for economic sentiment for the period also missed 30.2 with a reading of 22.7, down from 26.1 in September.

Elsewhere, Germany’s consumer price index for September matched the (MoM) expectation of 0.2%. The (YoY) equivalent was also in line with the estimate of 2.4%. The harmonised index of consumer prices for the period was in line with the (MoM) and (YoY) forecasts of 0.2% and 2.4%.

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

Technically, the EUR/CHF currency pair trades within a descending channel formation in the 60-minute chart. The 14-hour RSI also supports a bearish bias as it moves closer to oversold conditions. 

Therefore, the bears will look to extend the current decline towards 0.9763 or lower to 0.9239. On the other hand, the bulls will look to pounce on rebounds at about 0.9308 or higher at 0.9331.

EUR/CHF Technical Analysis (the Daily Chart)

In the daily chart, the EUR/CHF currency pair trades within a descending channel formation. However, the 14-day RSI still has room left to run before reaching the oversold conditions.

Therefore, the bears will look to stretch the current run of declines toward 0.9216 or lower to 0.9152. On the other hand, the bulls will look to pounce on profits at about 0.9351 or higher at 0.9411.