The EUR/CHF currency pair on Wednesday pulled back off the session highs of about 0.9689 to trade at about 0.9670. The currency pair appears to be trading within a descending channel formation in the 60-min chart. 

The pair has now fallen to trade closer to the 100-hour moving average line. As a result, the currency pair appears to be moving closer to the oversold levels of the 14-hour RSI.

EUR/CHF Fundamentals Overview

From a fundamental perspective, the EUR/CHF currency pair is trading at the back of a relatively busy period in the EU market. On Wednesday, Germany’s Gfk consumer confidence survey for October missed the expected reading of -26 with a slightly lower reading of -26.5.

Earlier in the week, the IFO business climate for September beat the expectation of 85.2 with a reading of 85.7, while currency assessment outshone 88 with 88.7. Elsewhere, the IFO expectations for the month beat the estimated figure of 82.8 with a slightly higher figure of 82.9.

The EU’s M3 Money Supply for August missed the expected (YoY) change of -1% with a change of -1.3%. Private loans for the period also fell short of the forecasted change of 1.2% with a change of 1%. Elsewhere, Switzerland’s ZEW survey expectations for September improved to a reading of -27.6 compared to a reading of -38.6 in the previous update.

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

Technically, the EUR/CHF currency pair appears to be trading within a descending channel formation in the 60-min chart. The hourly MACD, however, seems to be attempting an upward crossover, indicating a potential rebound.

Therefore, the bulls will be targeting short-term rebounds at about 0.9680 or higher at 0.9689. On the other hand, the bears will be looking to extend the current declines toward 0.9660 or lower to 0.9651.

EUR/CHF Technical Analysis (the Daily Chart)

In the daily chart, the EUR/CHF currency pair appears to be trading within an ascending channel formation. The daily MACD also seems to support a bullish case after completing an upward crossover.

Therefore, the bulls will be looking to ride the current wave of gains toward 0.9730 or higher to 0.9800. On the other hand, the bears will look to pounce on profits at about 0.9607 or lower at 0.9531.