USD/CHF closed lower due to short covering on Thursday as it consolidated some of this spring's rally. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are oversold but remain neutral to bullish signalling that additional strength is possible near-term. If it extends this month's rally, weekly support crossing is the next upside target. Closes below the 20-day moving average crossing are needed to confirm that a short-term high has been posted.