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The pair’s upside pressure appears mitigated below 0.9738, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

USD/CHF is upside corrective near term. It has already reached its corrective zone at .9815/56 area, where we will look for signs of failure. A slide back below the 200 day ma at .9738 should be enough to alleviate immediate upside pressure”.

“Dips will find minor support at .9738, .9642 ahead of .9524. Below .9524 remain the February high at .9470 and the mid- and late March lows at .9434/25. Further down the 78.6% Fibonacci retracement can be spotted at .9376″.