USD/CHF closed lower on Friday as it extends last week's decline. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought but remain bearish signalling that sideways to lower prices are possible near-term. If it extends this week's decline, the 38% retracement level of the 2009-2010-rally crossing is the next downside target. Closes above the 20-day moving average crossing would confirm that a short-term low has been posted.