USD/CHF closed higher for the fifth day in a row on Tuesday confirming yesterday's breakout below the 20-day moving average crossing. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible near-term. If it extends the rally off last week's low, the 38% retracement level of the 2010-2011-decline crossing is the next upside target. Closes below the 10-day moving average crossing are needed to confirm that a short-term high has been posted.