On Wednesday, the EUR/CHF currency pair pulled back from the session highs of about 0.9376 to trade at about 0.9355. The currency pair trades within a descending channel formation in the 60-minute chart.

The pair has now fallen to trade a few levels below the 100-hour moving average line. However, the currency pair bounced back later to recover from 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, German Exports for October outperformed the (MoM) expectation of -0.2%, with a change of 0.1%. On the other hand, German imports fell short of 0.2%, with a change of -1.2%. The country’s trade balance for October increased to EUR 16.9 billion, up from EUR 15.3 billion, beating the forecast of EUR 15.2 billion. 

Earlier in the week, Germany’s seasonally-adjusted industrial production for October exceeded the forecasted (MoM) change of -0.4%, with a change of 1.8%. Looking forward, traders will be waiting for the German Consumer Price Index data and the harmonized index of consumer prices data for November on Friday.

In Switzerland, traders will be waiting for the Swiss National Bank’s interest rate decision and the monetary policy assessment statement on Thursday. Analysts expect the rate to remain unchanged at 0%.

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. However, the 14-hour RSI has recently bounced back to recover from oversold conditions.

Therefore, the bulls will look to stretch the latest rebound towards 0.9376 or higher to 0.9393. On the other hand, the bears will look to ride the current run of declines toward 0.9335 or lower to 0.9318.

EUR/CHF Technical Analysis (the Daily Chart)

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

Therefore, the bears will look to extend the latest pullback towards 0.9309 or lower to 0.9264. On the other hand, the bulls will look to ride the current run of gains toward 0.9401 or higher to 0.9447.