USD/CHF clings to gains near multi-day tops, above mid-0.9600s

•  Defies renewed USD weakness and extended recovery from over 5-month lows.
•  Bulls seemed to track surging US bond yields/stability in equity markets.
The Swiss Franc held on the defensive against its American counterpart and pushed the USD/CHF pair to a three day high level of 0.9671 in the last hour.
The pair built on Friday's recovery move from over five-month lows and was seen trending higher for the second consecutive session. The up-move seemed rather unaffected by some renewed US Dollar weakness, with bulls taking cues from a strong follow-through upsurge in the US Treasury bond yields.
Adding to this, a slight improvement in global risk appetite, as depicted by signs of stability in the European equity markets, dented the Swiss Franc's safe-haven status and remained supportive of the pair's ongoing positive momentum. 
It, however, remains to be seen if the recovery move is backed by any genuine buying or is solely led by short-covering, especially after the pair's recent slump of over 400-pips since mid-August and ahead of this week's key event risk - the latest FOMC monetary policy decision. 
In the meantime, today's release of the Conference Board's consumer confidence index will now be looked upon for some short-term trading opportunities later during the early North-American session.
Technical levels to watch
A follow-through buying has the potential to continue lifting the pair towards the 0.9700 handle, above which the momentum is likely to get extended towards 200-day SMA, support-turned-resistance, near the 0.9735 region.
On the flip side, immediate support is now pegged near the 0.9625-20 region, which if broken might turn the pair vulnerable to fall below the 0.9600 handle and head towards retesting multi-month lows, around the 0.9545-40 region.


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