USD/CHF clings to modest recovery gains, 0.94 handle back on sight

   •  Goodish USD rebound helps gain some positive traction. 
   •  Fading safe-haven demand provides an additional boost.
   •  US data might provide some short-term trading impetus.

The USD/CHF pair caught some fresh bids on Monday and move farther away from 17-month lows touched last week. 

Currently trading around 0.9370 level, off few pips from session tops touched in the last hour, a goodish pickup in the US Dollar demand, backed by a follow-through upsurge in the US Treasury bond yields was seen as one of the factors behind the pair's steady climb at the start of a new week. 

Adding to this, a positive opening across European bourses, pointing to investors' appetite for riskier assets, was further seen denting the Swiss Franc's safe-haven appeal and remained supportive of the pair's bid tone through the early European session. 

It, however, remains to be seen if the recovery move is backed by any genuine buying or is solely led by short-covering as traders now shift their focus to this week's key US macro releases/FOMC decision from fresh directional impetus. 

A busy week, in terms of important market-moving economic data, kicks off with the scheduled release of Fed's preferred inflation gauge - Core PCE Price Index and personal income/spending data, due later during the early NA session.

Technical levels to watch

The 0.9400 handle is likely to act as an immediate hurdle, above which the pair is likely to aim towards testing a previous strong support break-point, now turned resistance, near the 0.9440-50 region. 

On the flip side, immediate support is now pegged near the 0.9335 region, which if broken could drag the pair back towards the 0.9300 handle en-route Aug. 2015 lows support near the 0.9260-55 zone.