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Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair should meet initial support in the 0.9845 level.

Key Quotes

USD/CHF remains in a downwards corrective phase and will find initial support at the .9845 January high and the .9839 uptrend, we favour recovery from here. 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 .9839 and .9724 (38.2% retracement) will target the .9535 10th April low and below here will trigger losses to .9425, the 14th March low”.