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USD/CHF closed lower due to long covering on Monday as it rebounded off the 38% retracement level of the 2008-2009-decline crossing. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends the rally off November's low, the 50% retracement level of the 2008-2009-decline crossing is the next upside target. Closes below the 20-day moving average crossing would confirm that a long-term high has been posted.