USD/CHF closed sharply higher on Wednesday and above the 20-day moving average crossing confirming that a long-term bottom has been posted. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible near-term. If it extends today's rally, the reaction high crossing is the next upside target. If it renews this month's decline, the January 26th gap crossing is the next downside target.