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According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair has now shifted its attention to the 0.9896/58 band.

Key Quotes

USD/CHF has recently repeatedly failed to maintain a foothold above the psychological resistance at 1.0000 and attention is on the near term uptrend at .9896. Attention is on this and .9858, the 9 th July low. Failure here will signal a slide towards .9756/24 (38.2% retracement + 200 day ma) where ideally we will see the market stabilise”.

“It stays offered below 1.00, this guards the May high at 1.0057. The May high at 1.0057 guards the 1.0093/1.0108 April 2017 high and 78.6% retracement. This is seen as the last defence for 1.0343, the 2016 high. This should prove tough resistance”.