USD/CHF closed lower on Wednesday and below the 20-day moving average crossing signalling that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI have turned bearish signalling that sideways to lower prices are possible near-term. If it extends today's decline, December's low crossing is the next downside target. If it renews the rally off December's low, the 38% retracement level of last year's decline crossing is the next upside target.