Canada Jan Ivey Purchasing Managers Index rises to 54.8 vs 43.1 in Dec

As the EUR/CHF sold off to, tested and was held by the 1.2258 (61.8% retracement), Commerzbank analysts point ou thtat the intraday chart is indicating that this is the end of the corrective phase and “that we should see recovery from here to 1.2515”, wrote analyst Karen Jones, pointing to a drop to 1.2173/68 (December high + 78.6% retracement) if below 1.2258. “While this holds on a closing basis, we should see the market stabilize once more and recover”, she added.