USD/CHF: Bulls await a sustained break through parity mark

• The USD holds steady near two-week tops and lend some support. 
• The CHF benefits from the prevalent cautions mood and cap gains.

The USD/CHF pair traded with a mild positive bias on Monday, with bulls awaiting a sustained break through the parity mark.

The pair was seen oscillating in a narrow trading band through the early European session and consolidated last week's strong up-move, further supported by Friday's mostly upbeat US monthly retail sales data.

A combination of negative factors - a subdued US Dollar demand and the prevalent cautious mood, failed to provide any meaningful impetus and led to range-bound price action at the start of a new trading week. 

The greenback failed to capitalize on the previous session's goodish bounce and remained on the defensive as investors now seemed reluctant to place any aggressive bets ahead of the latest FOMC policy update.

Adding to this, fears of a further escalation in the US-China trade tensions continued lending some support to the Swiss Franc's relative safe-haven status and further collaborated towards capping any strong gains.

Moving ahead, Monday's US economic docket - featuring the release of Empire State Manufacturing Index, will be looked upon to grab some short-term trading opportunities later during the early North-American session.

The key focus, however, will remain on the highly anticipated FOMC monetary policy decision, scheduled to be announced on Wednesday, which might help determine the pair's next leg of a directional move. 

Technical levels to watch