USD/CHF closed higher on Monday 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 Tuesday. Stochastics and the RSI are diverging but are neutral to bearish signalling that additional weakness is 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 bottom has been posted.