On Thursday, the EUR/CHF currency pair pulled back from the session highs of about 0.9399 to trade at about 0.9374. The currency pair trades within an ascending channel formation in the 60-minute chart.

Thursday’s pullback pushed the currency pair slightly below the 100-hour moving average line. As a result, the currency pair avoided rallying 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, Germany’s GfK Consumer Confidence Survey for July came in worse than expected with -20.3 versus a forecast of -19.3, down from -20 in June. On Wednesday, Switzerland’s ZEW Survey expectations for June improved to -2.1, up from -22 in May.

Earlier in the week, Germany’s IFO Business Climate for June came in better than expected with 88.4 versus a forecast of 88.3, up from the previous month’s equivalent of 87.5. The IFO Expectations for the month also beat 90 with 90.7, up from 89, while the IFO for the current assessment missed 86.5 with a reading of 86.2, up from 86.1.

Elsewhere, the EU’s preliminary HCOB Composite PMI for June missed the expectation of 50.5 with a reading of 50.2, while the preliminary HCOB Manufacturing fell short of 49.8 with a reading of 49.4. Germany’s preliminary HCOB Composite PMI and Services PMI beat 49 and 47.5, respectively, with readings of 50.4 and 49.4.

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 pullbacks toward 0.9351 or lower to 0.9328. On the other hand, the bulls will look to ride the current rally back towards 0.9399 or higher to 0.9422.

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 still has room left to run before reaching overbought conditions.

Therefore, the bulls will look to extend the current run of gains toward 0.9447 or higher to 0.9514. On the other hand, the bears will look to pounce on pullbacks at about 0.9297 or lower at 0.9226.