USD/CHF closed lower on Wednesday as it extends this week's decline below the 20-day moving average. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. If it extends the decline off the December high, the 50% retracement level of the November-December rally crossing is the next downside target. Closes above last Wednesday's high crossing are needed to confirm that a short-term bottom has been posted.