(22 JULY 2020)USD/CHF Target 0.9290.

<p>Pivot</p>
<p>&nbsp;(invalidation): 0.9340 Our preference</p>
<p>Short positions below 0.9340 with targets at 0.9310 &amp; 0.9290 in extension.</p>
<p>Alternative scenario</p>
<p>Above 0.9340 look for further upside with 0.9355 &amp; 0.9375 as targets.</p>

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