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USD/CHF closed lower on Friday as it extends July's trading range. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are diverging and are turning bullish hinting that a short-term low might be in or is near. Closes above last Tuesday's low crossing would confirm that a short-term low has been posted. If it extends the decline off June's high, the 87% retracement level of the 2009-2010-rally crossing is the next upside target.