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Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, noted the pair could extend the correction lower to the 0.9613 level.

Key Quotes

USD/CHF last week saw emphatic failure at the 38.2% retracement at .9770. Attention is on the .9613 January low, failure here (favoured) will target the September 2018 low at .9543. Slightly longer term we look for a fall back to the 2018 low at .9188, this is also the 38.2% retracement of the same move from 2015.”