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Markets are mixed across the board ahead of Thanksgiving Day in the US. The USD is down against the EUR and GBP, but up against the commodity currencies, particularly AUD. Metals did not go far lately, while stocks are still in an uptrend but we may see a »holiday reversal « effect which means a temporary change in trends.

On EURUSD we can see higher prices but a rally still can be treated as a corrective move now with price at the upper channel resistance line. A reversal down from current levels and back to bearish level would put downtrend back in play.

EURUSD 30min Elliott Wave Analysis

eurusd November 26 2014 Elliott Wave analysis technical chart for currency trading forex

USDCHF is also in a deep pullback but still within three waves, now above the 0.9602 invalidation level. We however need an intraday impulsive rally back to 0.9700 to confirm an uptrend continuation.

USDCHF 1h Elliott Wave Analysis

usdchf November 26 2014 Elliott Wave analysis technical chart for currency trading forex