USD/CHF closed higher due to profit taking on Friday as it consolidated some of the decline off June's high. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but remain neutral to bearish signalling that sideways to lower prices are possible near-term. If it extends this month's decline, the 75% retracement level of the 2009-2010-rally crossing is the next downside target. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted.