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USD/CHF closed lower on Thursday and above the 20-day moving average crossingconfirming that a high has been posted. The mid-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning bearish signalling that sideways to lower prices are possible near-term. If it extends this week's decline, the reaction low crossing is the next downside target. If it renews the rally off this month's low, the 38% retracement level of the June-December rally crossing is the next upside target.