EUR/CHF Pulls Back From Session Highs Amid EU Market Activity
The EUR/CHF currency pair pulled back from its session highs of about 0.9345 to trade at around 0.9325 on Wednesday.
This move occurred despite the pair still trading above the 100-hour moving average line, suggesting it has some room left to run before reaching oversold levels of the 14-hour RSI.
From a fundamental perspective, the EUR/CHF is affected by a busy period in the EU market. The Germany's HCOB Composite PMI for July outperformed expectations with a reading of 51.3, up from 51.2 in June.
The EU economic bloc's HCOB Composite PMI also outperformed forecasts with a reading of 52, up from 51.9. However, the German retail sales for June missed expected changes, coming in at -1.1%, and the consumer price index for July matched forecasted (MoM) rates.
Technically, the EUR/CHF trades within an ascending channel formation on both the 60-minute and daily charts. Bears will look to extend the latest pullback towards 0.9314 or lower to 0.9304, while bulls will pounce on rebounds at about 0.9336 or higher.