The EUR/CHF currency pair on Wednesday pulled back off the session highs of about 0.9820 to trade at about 0.9797. The currency pair appears to be trading within an ascending channel formation in the 60-minute chart.

The pair continues to trade within a few levels of the 100-hour moving average line. Wednesday’s late pullback prevented the currency pair from ascending deep into the overbought 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, the EU services sentiment for March missed the expectation of 7.8 with a reading of 6.3. Industrial confidence for the period outshone the estimate of -9 with a reading of -8.8.

On the other hand, the economic sentiment indicator for the month improved to 96.3 up from 95.5 in the previous period, in line with expectations, while consumer confidence was unchanged at -14.9 also in line with estimates.

In Switzerland, the ZEW survey expectations for March improved from 10.2 to 11.5.  Earlier in the week, the German Consumer Confidence Survey for April beat the forecasted reading of -27.8 with a reading of -27.4 up from -28.8 in the previous period.

Traders will be looking forward to the German retail sales and unemployment data 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-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 0.9779 or lower at 0.9757. On the other hand, the bulls will look to pounce on rebounds at about 0.9820 or higher at 0.9843.

EUR/CHF Technical Analysis (the Daily Chart)

In the daily chart, the EUR/CHF currency pair appears to be trading within a sharply ascending channel formation. The 14-day RSI also seems to support a long-term bullish bias after rallying into overbought conditions.

Therefore, the bulls will be looking to ride the current run of gains toward 0.9858 or higher at 0.9916. On the other hand, the bears will look to pounce on pullbacks at about 0.9741 or lower at 0.9683.