EUR/CHF Pulls Back from Session Highs Amid EU Economic Data
The EUR/CHF currency pair pulled back from its session highs of about 0.9382 to trade at around 0.9364 on Wednesday.
This pullback occurred as the pair continued to trade within an ascending channel formation on the 60-minute chart, with the 100-hour moving average line slightly above it.
The Relative Strength Index (RSI) for the 14-hour period had recently pulled back to avoid entering overbought conditions, which might have triggered a bearish reaction in case of further pullbacks at about 0.9347 or lower.
From a fundamental perspective, the pair was influenced by various economic indicators from both the EU and Switzerland, including Germany's consumer price index for July matching the forecasted monthly change of 0.8%, as well as the harmonized index of consumer prices for the same period also meeting expectations.