The EUR/CHF currency pair on Tuesday pulled back off the trendline support at 0.9831 to trade at about 0.9813 after the latest round of data. The currency pair continues to trade within a gently ascending channel formation in the 60-min chart.

The pair appears to be also facing strong resistance at the 100-hour moving average line. Tuesday’s pullback prevented the currency pair from ascending to the overbought conditions 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 Tuesday, the seasonally-adjusted EU current account balance for September outperformed the expectation of EUR-27.2 billion with a reading of EUR-8.06 billion. On the other hand, the non-seasonally adjusted current account balance beat the forecast of EUR -7.7 billion with a reading of EUR 3.81 billion. 

On Monday, the German Producer Price Index for October missed the expected change of 0.9% with a change of -4.2% (MoM), while the (YoY) equivalent missed 41.5% with a change of 34.5%. Looking forward, traders will be anticipating Tuesday’s preliminary EU consumer confidence index for November ahead of Wednesday’s preliminary EU and German S&P Global PMIs for November. Germany’s GDP data for Q3 will be out later in the week.

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

Technically, the EUR/CHF currency pair appears to be trading within a gently ascending channel formation in the 60-min chart. This indicates a slight short-term bullish bias in the market sentiment.

Therefore, the bulls will be targeting short-term profits at about 0.9831 or higher at 0.9853. On the other hand, the bears will look to pounce on profits at about 0.9787 or lower at about 0.9762.

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. This indicates a significant long-term bullish bias in the market sentiment.

Therefore, the bulls will be looking to extend the current rally towards 0.9917 or higher to 1.0014. On the other hand, the bears will be targeting long-term profits at about 0.9720 or lower at 0.9615.