DX Update: Dec 2, 2012

The US dollar remains in a rising channel within long-term channels that point to very different outcomes.

The rising white channel intersects just ahead with the larger falling white channel upper bound, the rising red channel mid-line and the 75% bound of the falling purple channel.

Whether the red or purple channel carries the day will depend largely on whether the ECB or the Fed can deflate its currency the fastest.

But, the intermediate-term picture is clear:  if DX can hold the white channel, the next move should be much higher.

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