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The dollar is on the fence. Could tip either way shortly!
By Sean Hyman | June 8, 2009
When you look to currency pairs like EUR/USD and USD/CHF, you’ll see that the dollar is right on the trend line on the daily chart. It’s threatening to break down on EUR/USD and break upward on USD/CHF…but the question is: Is it a fake out? Or will these recent trend changes stay intact? We’ll know shortly but we have to let the price “judge that” by what it does rather than “betting” ahead of time and gambling on which way we “think” it will go. Rather we should “follow” the way that it does end up going. Pros are trend followers. Novices are always trying to guess ahead of time on the near term trend. So see if “dollar strength” prevails or if it’s a fake out and the foreign currencies keep their recent uptrend against it. The verdict will be out shortly!
Tags: CHF, currencies, currency, currency pair, currency pairs, dollar, dow, EUR, fxedu, Hyman, lower, Sean, Sean Hyman, time, trend, uptrend, USD
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