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DOLLAR-SWISS: Today's decline has paused somewhat, with USD/CHF stabilising just
above the Chf0.94 level. Today's fall has trimmed the rally from 2018 lows to
just +1.6%. Nonetheless, technical momentum remains bearish for USD/CHF with the
50DMA trading well below both the 100- and 200DMA levels. Any fresh move lower
will initially target the Chf0.9363 mark, the 50% retracement level of the
Feb1-to-date rally. A break below would open up a move toward the year's lows of
Chf0.9257 before Chf0.9151, the 18Jun2015 low.