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USD/CHF closed lower on Wednesday and tested the 38% retracement level of the November-February rally crossing as it extends the decline off February's high. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. If it extends this month's decline, the January 26th gap crossing is the next downside target. Closes above the 20-day moving average crossing would signal that a short-term bottom has been posted.