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USD/CHF closed slightly lower on Thursday as it extended this year's decline. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible near-term. If it extends this year's decline into uncharted territory, downside targets will be hard to project. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.