USD/CHF closed higher on Monday as it consolidated some of last Thursday's decline. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible near-term. If it extends this summer's decline, the 87% retracement level of the 2009-2010-rally crossing is the next downside target. Closes above the reaction high crossing would confirm that a short-term bottom has been posted.