USD/CHF closed lower due to profit taking on Monday as it consolidated some of the last week's rally. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends this week's rally, the 87% retracement level of he 2008-2009-decline crossing is the next upside target. Closes below the 20-day moving average crossing are needed to confirm that a top has been posted.
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