USD/CHF closed lower on Monday as it extends the decline off June's high. The mid-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are diverging have turned bearish signalling that sideways to lower prices are possible near-term. If it extends the decline off June's high, the 75% retracement level of the 2009-2010 rally crossing is the next downside target. Closes above last Tuesday's high crossing would confirm that a short-term low has been posted.