USD/CHF closed lower on Thursday and below the lower boundary of this summer's trading range. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible near-term. If it extends this summer's decline, the 87% retracement level of the 2009-2010-rally crossing is the next downside target. Closes above the reaction high crossing would confirm that a short-term low has been posted.