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USD/CHF closed sharply higher on Thursday and below the 10-day moving average crossing signalling that a short-term bottom has likely been posted. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning bullish signalling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing are needed to confirm that a short-term bottom has been posted. If it extends this year's decline into uncharted territory, downside targets will be hard to project.