The EUR/CHF currency pair on Thursday pulled back off the session highs of about 0.9756 to trade at about 0.9723. The currency pair continues to trade within an ascending channel formation in the 60-min chart.

Thursday’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 at the back of a relatively busy period in both markets. On Thursday, the Swiss Consumer Price Index for June missed the (YoY) forecast of 1.4% with a change of 1.3%. The (MoM) equivalent also fell short of the forecasted change of 0.1% with a change of 0%.

On the other hand, the seasonally adjusted Swiss unemployment rate for the month came in at 2.3% on a (MoM) basis, the same as the previous period.

In the EU, Germany’s factory orders for May missed the expected (MoM) change of 0.5% with a change of -1.6% down from -0.2% in the preceding period. The (YoY) equivalent also edged lower to -8.6% compared to a change of -1.6% in April.

Earlier in the week, the EU’s producer price index for May missed both the (MoM) and (YoY) expectations of -0.1% and -4.1%, respectively with changes of -0.2% and -4.2%.  The EU’s HCOB composite PMI for June beat the forecast of 50.8 with a reading of 50.9, while Germany’s equivalent missed the expectation of 50.6 with a reading of 50.4.

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 be targeting extended pullbacks at about 0.9684 or lower at 0.9646. On the other hand, the bulls will look to ride the current rally towards 0.9756 or higher to 0.9795.

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 14-day RSI has also bounced back to move towards the overbought levels.

Therefore, the bulls will be targeting extended gains at about 0.0032 or higher at 1.0146. On the other hand, the bears will look to pounce on pullbacks at about 0.9483 or lower at 0.9277.