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USD/CHF closed lower due to short covering on Wednesday and below the 10-day moving average crossing signalling that a high might be in or is near. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning bearish hinting that a short-term high might be in or is near. If it extends this month's rally, the 38% retracement level of the June-December rally crossing is the next upside target. Closes below the 20-day moving average crossing would confirm that a double top with January's high has been posted.