USD/CHF closed sharply higher on Wednesday as it extended yesterday's breakout above the 20-day moving average crossing. 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 this week's rally, December's high crossing is the next upside target. Closes below the 10-day moving average crossing would confirm that a short-term high has been posted.