USD/CHF closed lower due to long covering on Monday. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are bearish hinting that a short-term high might be in or is near. Closes below the reaction low crossing are needed to confirm that a short-term high has been posted. If it resumes the rally off November's low, the 62% retracement level of the 2008-2009-decline crossing is the next upside target.