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USD/CHF closed lower on Wednesday as it consolidates some of the rally off December's high. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends this month's rally, the 38% retracement level of last year's decline crossing is the next upside target. Closes below the 10-day moving average crossing would temper the bullish outlook.