The EUR/CHF currency pair on Wednesday pulled back off session highs of about 0.9535 to trade at about 0.9515. The currency pair continues to trade within an ascending channel formation in the 60-minute chart.

Wednesday’s pullback pushed the currency pair closer to the 100-hour moving average line. However, the pair still seems to have a lot of room left to run before reaching the oversold levels of the 14-hour RSI.

EUR/CHF Fundamentals Overview

From a fundamental perspective, the EUR/CHF currency pair is trading ahead of a relatively busy period in the EU market. Traders will be looking forward to the EU’s harmonised index of consumer prices for January and the preliminary HCOB Manufacturing and Services PMIs for both the EU and Germany for February on Thursday. On Wednesday, the preliminary EU consumer confidence for February outperformed the expectation of -15.6 with a reading of -15.5.

In Switzerland, exports for January increased to 22,804 million up from 18,788 million in the previous period. On the other hand, imports rose to 18,067 million compared to 17,517 in the preceding period, while the trade balance for the month came in at 4,738 million versus 1,271 in the preceding update. Traders will be looking forward to the Swiss employment level data on Friday.

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

Technically, the EUR/CHF currency pair appears to be trading within an ascending channel formation in the 60-minute chart. However, the 14-hour RSI still seems to have more room left to run before dropping to oversold conditions after a recent rebound.

Therefore, the bulls will be targeting rebound profits at about 0.9535 or higher at 0.9555. On the other hand, the bears will look to pounce on potential pullbacks at about 0.9493 or lower at 0.9472.

EUR/CHF Technical Analysis (the Daily Chart)

In the daily chart, the EUR/CHF currency pair appears to be about complete a double-bottom reversal pattern formation. The 14-day RSI also seems to support a long-term bullish bias as it moves closer to overbought conditions.

Therefore, the bulls will be looking to ride the current run of gains toward 0.9600 or higher to 0.9682. On the other hand, the bears will be targeting potential pullbacks at about 0.9431 or lower at 0.9340