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The USD is on the move today, particularly against the EUR and CHF as the USD Index could already be headed towards new highs, out of a triangle. Below we are looking at USDCHF and EURUSD, with different counts shown on the charts, but sooner or later the greenback could hit new highs of the year.

On EURUSD we were calling a leg down for a larger wave (d). Well, it looks like that move is happening this morning towards 1.2400 that I highlighted already yesterday. However, be aware of that ALT count on the chart with a possibly completed triangle at 1.2505. But, we would have to see then a break beneath 1.2359 before we can confirm a completed pattern.

EURUSD 30min Elliott Wave Analysis  

EURUSD Elliott Wave Analysis December 2 2014 technical outlook for currency trading

I am looking at that completed triangle count on USDCHF. I really like it but again, we need to see push above 0.9726 to avoid any sideways price action. I don’t want to get trapped into a ranged price action with any new trades, so will have to wait on confirmed breakout first.

USDCHF 1h Elliott Wave Analysis

USDCHF Elliott Wave Analysis December 2 2014 technical outlook for currency trading