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USD/CHF closed lower due to long covering on Tuesday as it consolidated some of last week's rally. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are overbought but are turning neutral to bearish hinting that a high might be in or is near. Closes below the 20-day moving average crossing are needed to confirm that a long-term high has been posted. If it extends the rally off November's low, the 50% retracement level of the 2008-2009-decline crossing is the next upside target.