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Karen Jones, analyst at Commerzbank, suggests that USD/CHF is upside corrective near term and they would allow for a deeper retracement to the 38.2% retracement at .9900.

Key Quotes

“The market is currently bouncing from the 78.6% retracement at .9692 and rallies should remain contained by the .9939 downtrend. While capped here our negative bias will remain entrenched. Longer term we target .9211/.9188, the 2018 low.”

“Only a close above 1.0014 (high 19th June) would alleviate immediate downside pressure and target 1.0097 and possibly 1.0128 before failure again (November and March highs at 1.0124/28).”