USD/CHF closed higher on Monday while extending July's trading range. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are diverging and are neutral to bullish hinting that a short-term low might be in or is near. Closes above the reaction high 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.