Each coordinate of a closed outline has its own real Fourier series: x(t) = ∑ (aₖ cos kt + bₖ sin kt), and the same for y.
A cosine and sine of frequency k make one arm of length √(aₖ² + bₖ²) turning k times per lap. One chain sets x, one sets y, and the pen sits where their guides cross. With N harmonics per axis the knight is off by 30.2 % of its height at N = 1, 0.70 % at N = 50.
At N = 1 both coordinates are pure sinusoids: an ellipse.