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Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the correction lower in spot could have terminated.

Key Quotes

USD/CHF we suspect that the correction may have terminated ahead of initial support at the .9845 January high and the .9848 uptrend, we favour recovery from here. However currently the Elliott wave count on the daily chart is suggesting that the market is likely to correct back into the .9815/.9735 band and we are unable to rule out this scenario”.

“Failure at the four month uptrend line at .9848 and .9724 (38.2% retracement) will target the .9535 10th April low and below here will trigger losses to .9425, the 14th March low”.