EUR/CHF Plummets from Session Highs Amid Downward Breakout
The EUR/CHF currency pair pulled back from its session highs of about 0.9409 to trade at around 0.9320 on Wednesday.
This retreat came after the pair completed a downward breakout from an ascending channel formation in the 60-minute chart, according to FXDailyReport.Com.
The 100-hour moving average line was breached, causing the currency pair to plummet to oversold levels of the 14-hour RSI.
From a fundamental perspective, the EU's harmonized index of consumer prices for July matched expectations with a 0.2% month-over-month change, and the core harmonized index of consumer prices also met forecasts at 2.5% year-over-year growth.
The ZEW Survey for Germany showed an improvement in economic sentiment, beating expectations with a reading of -61.1 for the current situation in August and 34.2 for the month's economic sentiment.