USD/CHF closed higher on Thursday negating yesterday's breakout below the 20-day moving average. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible near-term. If it extends Wednesday'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.