USD/CHF closed lower overnight and trading above the 10-day moving average crossing signalling that a short-term low has likely been posted. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing are needed to confirm that a low has been posted. If its extends this month's decline, the 38% retracement level of the 2008- 2009-decline crossing is the next downside target.

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