Daily Chart Art – December 9, 2010

EUR/JPY: 4-hour

EUR/JPY Chart

Here’s the 411 on EUR/JPY’s price action! After reaching a low of 108.89 last week, the pair seems to be retracing as it bounced back up to the 38.2% Fib level. However, it looks like EUR/JPY just can’t get enough of its climb as it rebounded even higher. In fact, it seems to be aiming for the 50% Fib level now! That level lines up with a broken support area, which could switch gears and serve as resistance now. If that level holds, it could end the pair’s climb and push it back down to its recent lows around the 109.00 handle.

EUR/CHF: 1-hour

EUR/CHF Chart

Sha-bam! Check out EUR/CHF flaunting a symmetrical triangle y’all! Sexy, ain’t it? Hmmm, with Stochastic indicating downward momentum, it looks like sellers could push the pair lower. So if you’re planning to join the bears’ bandwagon, be on your toes for a strong break below the bottom of the triangle because if they hustle enough muscle, there’s a good chance that EUR/CHF could tumble to its previous low at 1.2950. But if you feel like rooting for the euro today, keep tabs on the 1.3100 handle because if the pair convincingly trades past it, we could see EUR/CHF rally all the way up to 1.3250.

NZD/USD: Daily

NZD/USD Chart

Lastly, let’s get the lowdown on NZD/USD. Aha! It looks like the bears are in for a treat if what we’re seeing on the daily chart is indeed a head and shoulders in the making! The neckline is around .7430, but if there aren’t enough sellers to reprezent, NZD/USD could find support at its previous high around .7350. So don’t get too hasty in dumping the com-doll! Who knows, buyers may be lurking around that level, ready to set the Kiwi flyin’ like a G6 up to .7800!