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November 30, 2007

EUR/USD and USD/CHF broke out of their formations!

EUR/USD broke to the downside but firstly USD/CHF happened to break to the upside.

The dollar is headed higher in the near term out of this pattern. Also watch USD/CAD to see if it can reclaim 1.00 and sustain it. That one should be interesting to watch also.

Just wanted to give you guys a quick update. Man that was fast! I knew EUR/USD and USD/CHF were very near their breakout points due to them being coiled so tightly into the tip of their wedge and triangle patterns. They can only coil so much before they break...and the break is usually hard. Check out your 1 hour charts to see what I mean.

Posted at 10:44 AM in Swiss Franc |

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