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USD/CHF closed higher on Thursday as it consolidates the decline off last week's high. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. If it extends the decline off last week's high, the 38% retracement level of the 2010-2011-rally crossing is the next downside target. Closes above the 10-day moving average crossing are needed to confirm that a short-term low has been posted.