USD/CHF closed higher on Wednesday while extending July's trading range. 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. Closes above the reaction high crossing would confirm that a short-term top has been posted. If it renews the decline off June's high, the 87% retracement level of the 2009-2010-rally crossing is the next downside target.