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USD/CHF gapped down and closed below the 20-day moving average crossing on Monday confirming that a short-term low has been posted. The mid-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are oversold and are turning neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends today's rally, the reaction high crossing is the next upside target. Closes below last Thursday's low crossing would temper the near-term bullish outlook.