USD/CHF closed lower due to short covering on Wednesday as it consolidates some of the rally off last week's low but remains above the 20-day moving average crossing at. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible near-term. If it extends this month's decline, the reaction high crossing is the next upside target. Closes below the 10-day moving average crossing would temper the near-term bullish outlook.