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The pair’s stance remains offered while below the 0.9789 level, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

USD/CHF was rejected by the 200 day ma at .9741 last week and the market charted marginal new 5 month lows, these were not confirmed by the daily RSI and we are like to consolidate further. The market is testing key support at the .9657/42 recent low and 55 month ma, these are now exposed and failure at .9634 (last weeks low) will imply that the market has topped longer term. Below here targets .9520, the 61.8% retracement the .9374, the 78.6% retracement of the move seen this year”.

“The market stays directly offered below the .9789. Near term rallies will need to regain the .9856 28th June low in order to alleviate the downside bias which now prevails”.

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