USD/CHF closed lower on Wednesday ending a two-day correction off last week's low. The low-range close sets the stage for a steady to lower opening on Thursday. At the same time, stochastics and the RSI are overbought and are turning neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. If it extends this month's decline, the 75% retracement level of the 2009-2010-rally crossing is the next downside target.