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Karen Jones, Head of FICC Technical Analysis at Commerzbank, believes the cross could have resumed the downside and could test 1.1369.

Key Quotes

EUR/CHF has recently failed around its 200 day ma and the 50% retracement and we assume that strength since May was corrective only and that the market is resuming its down move. This suggests some near term slippage back towards the 1.1369 May low. Initial supports are 1.1480/1.1443″.

“The market is now offered while below the 1.1714 recent high and only above here will retarget the 1.1833 January high”.