USD/CHF closed lower on Monday as it consolidated some of last Friday's decline. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. If it extends last week's decline, the reaction low crossing is the next downside target. Closes above the 20-day moving average crossing would signal that a short-term bottom has been posted.