USD/CHF closed slightly higher on Thursday as it extended Wednesday's rally. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are diverging but are neutral to bearish hinting that a short-term high might be in or is near. Closes below the 20-day moving average crossing are needed to confirm that a short-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.