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In light of the recent price action, USD/CHF carries the potential to climb further and test the 0.9953/75 band, noted Karen Jones, Team Head FICC Technical Analysis at Commerzbank.

Key Quotes

USD/CHF continues to recover and has eroded the 4 month resistance line. It remains bid and there is scope for the 200 day ma at .9953 and August high at .9975. We should see failure here and a slide back to key support at .9716/.9659 (location of the 13th August low, 25th June low, the January low and Fibo support). Below .9659 (last week’s low) targets the .9543 September 2018 low. Longer term we target .9211/.9188, the 2018 low”.