USD/CHF closed lower due to long covering on Monday as it consolidates some of last week's rally. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends last week's rally, December's high crossing is the next upside target. Closes below the 10-day moving average crossing would confirm that a long-term high has been posted.