USD/CHF struggling to break through the parity mark

   •  Swiss manufacturing PMI at 62.0 for October. 
   •  Rising US bond yields underpin USD demand. 
   •  Important US macro data and FOMC in focus. 

The USD/CHF pair traded with a positive bias for the second consecutive session and might now be eyeing a move back above the parity mark. 

A modest uptick in the US Treasury bond yields underpinned the US Dollar demand and remained supportive of the pair's bid tone through the early European session.

The positive factors, to some extent, were partly offset by today's upbeat Swiss manufacturing PMI, coming in at 62.0 for October as compared to previous month's 61.7, and kept a lid on the pair's up-move, at least for the time being. 

Meanwhile, investors seemed to refrain from placing aggressive bets ahead of the key event risk, FOMC decision and the accompanying statement. 

Ahead of the big event, the US economic docket, featuring the release of ADP report on private sector employment and ISM manufacturing PMI, would be looked upon to grab some short-term trading opportunities. 

Technical levels to watch

A strong follow-through buying interest is likely to accelerate the up-move towards 1.0025-30 intermediate resistance before the pair eventually darts towards the 1.0080 hurdle en-route the 1.0100 handle.

On the downside, 0.9980 level now becomes an immediate support to defend, which if broken could drag the pair back towards 0.9940 level ahead of the 0.9900 handle.