USD/CHF hits 3-week highs but drops back below 1.0050

USD/CHF is up on Monday but during the last hour it moved off daily highs and retreated below the key 1.0050 area. The pair was trading around 1.0045, 130 pips above the level it had a week ago. 

Today the US dollar rising across the board as equity indexes in Wall Street hit fresh record highs and as US bonds continue to rise. USD/CHF peaked earlier at 1.0069, reaching the highest level since January 20. 

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At a key resistance 

The pair failed to hold above 1.0050 and pulled back. That area is a relevant short-term resistance that capped the upside during the last two weeks. A consolidation on top could open the doors for a test of the 1.0100 area. 

If the pair consolidates again below 1.0050, the short-term range between 1.0005 and 1.0050 could resume. A break below the parity level could expose a short-term uptrend line from February highs, around 0.9960, that protects the upside bias.