The EUR/CHF currency pair on Wednesday pulled back off the session highs of about 0.9820 to trade at about 0.9787. The currency pair continues to trade within an ascending channel formation in the 60-min chart.

Wednesday’s pullback pushed the currency pair to the 100-hour moving average line. However, a late rebound prevented the currency pair from descending into 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 sentiment survey for July missed the expectation of -23 with a reading of -25.4. Earlier in the week, the IFO Business Climate for June missed the expected reading of 90.7 with a reading of 88.5. The IFO expectations for June also fell short of 88 with a reading of 83.6, while the current assessment outperformed the forecasted reading of 93.5 with a reading of 93.7.

Elsewhere the EU M3 Money supply for May missed the expected (YoY) forecast of 1.5% with a change of 1.4%, while private loans for the month fell short of 2.2% with a (YoY) change of 2.1%. In Switzerland, the ZEW survey expectations for June beat the expected reading of -32.3 with a reading of -30.8. Traders will be looking forward to Germany’s June inflation forecast on Thursday.

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-min chart. This indicates a significant short-term bullish bias in the market sentiment.

Therefore, the bulls will be looking to extend the current run of gains towards 0.9805 or higher to 0.9820. On the other hand, the bears will look to pounce on pullbacks at about 0.9770 or lower at 0.9754.

EUR/CHF Technical Analysis (the Daily Chart)

In the daily chart, the EUR/CHF currency pair appears to be trading within a gently ascending channel formation. This indicates a slight long-term bullish bias in the market sentiment.

Therefore, the bulls will be targeting long-term profits at about 0.9897 or higher at 0.9996. On the other hand, the bears will be looking to pounce on pullbacks at about 0.9673 or lower at 0.9563.