On Wednesday, the EUR/CHF currency pair pulled back from the session highs of about 0.9412 to trade at 0.9394. The currency pair trades within a slightly ascending channel formation in the 60-minute chart.
The pair continues to trade slightly above the 100-hour moving average line. However, the currency pair remains central in the 14-hour RSI, leaving enough room for both the bulls and the bears.
EUR/CHF Fundamentals Overview
From a fundamental perspective, the EUR/CHF currency pair trades during a relatively busy period in the EU market. On Wednesday, the seasonally-adjusted EU industrial production for November missed the expected (MoM) change of 0.3% with a change of 0.2%. The (YoY) equivalent was in line with the estimate of -1.9%. Germany’s wholesale price index for December delivered a (MoM) change of 0.1%, in line with estimates.
Looking forward, traders will be waiting for Germany’s consumer price index data and the harmonised index of consumer prices for December on Thursday. Later in the week, they will be anticipating the EU’s harmonised index of consumer prices and the core harmonised index data for December, alongside the current account balance data for November.
EUR/CHF Technical Analysis (the 60-min Chart)
Technically, the EUR/CHF currency pair trades within a slightly ascending channel formation in the 60-minute chart. However, the 14-hour RSI remains central in the indicator, leaving enough room for both the bulls and bears to strike.
Therefore, the bulls will be targeting potential upward movement at about 0.9402 or higher at 0.9412. On the other hand, the bears will target potential downward movement at about 0.9383 or lower at 0.9373.
EUR/CHF Technical Analysis (the Daily Chart)
In the daily chart, the EUR/CHF currency pair trades within an ascending channel formation. The 14-day RSI also supports a long-term bullish bias as it moves closer to the overbought conditions of the indicator.
Therefore, the bulls will be targeting long-term gains at about 0.9452 or higher at 0.9506. On the other hand, the bears will look to pounce on downward profits at about 0.9338 or lower at 0.9282.