The EUR/CHF currency pair on Friday pulled back off the current weekly highs of about 1.0860 to trade at around 1.0833 following the latest round of EU data. The currency pair continues to trade within a slightly ascending wedge formation in the 60-min chart.

The pair is now trading very close to the 100-hour and the 200-hour SMA lines. The latest pullback pushed the currency pair closer to the oversold levels of the 14-hour RSI. This could trigger a temporary rebound.

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 Thursday, the preliminary EU consumer price index for December missed the (YoY) expectation of -0.2% with a change of -0.3%. The core CPI for the period matched the expected (YoY) change of 0.%. On the other hand, retail sales for November missed the expected (YoY) change of 0.8% with a change of -2.9%. The (MoM) equivalent failed to match the expected change of -3.4% with a change of -6.1%. On Friday, the EU unemployment rate for November beat the expected rate of 8.5% with a rate of 8.3%.

In Switzerland, the unemployment rate for December beat the expected (MoM) rate of 3.5% with 3.4%.  Retail sales for November grew by 1.7% compared to a growth of 4.3% posted in the previous period. Earlier in the week, the consumer price index for December missed the expected (YoY) change of -0.7% with a change of -0.8%. The (MoM) equivalent also came short of 0.0% with a change of -0.1%.

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

Technically, the EUR/CHF currency pair appears to be trading within a gently ascending wedge formation in the 60-min chart. This indicates a significant short-term bullish bias in the market sentiment. The pair is closer to oversold levels of the 14-hour RSI.

The bulls will be looking to extend the current bull-run towards 1.0859 or higher to 1.0891. On the other hand, the bears will look to pounce for short-term pullbacks at around 1.0807 or lower at 1.0777.

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 slight long-term bullish bias in the market sentiment. The pair is closer to overbought levels of the 14-day RSI.

The bulls will target long-term profits at around  1.0932 or higher at 1.1034. On the other hand, the bears will look to pounce on long-term pullbacks at around 1.0728 or lower at 1.0608.