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USD/CHF closed higher on Friday as it consolidated some of Thursday's decline. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI remain 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.