Daily Chart Art – February 10, 2011

USD/CAD: Daily

USD/CAD Chart

Ooh boy, traders really do love those round numbers eh? Just look at what’s been going on USD/CAD. Parity has been a major area of interest over the past several months, first acting as support, and now, as resistance. Furthermore, it now seems like the Loonie is forming a double bottom formation and Stochastic showing upward momentum, will we soon see a break of the 1.000 mark? If so, the pair may shoot up around 200 pips, which is equivalent to the height of the formation.

EUR/CHF: 4-hour

EUR/CHF Chart

Is the party over for the euro bulls, or are they just getting started? EUR/CHF has been channeling upwards for the past couple of days, but it looks like it’s meeting resistance at the 1.3200 handle, which happens to be right smack at the top of the rising channel! Stochastic is also on the bears’ side with its overbought signal, but watch out for any surprises! The bears might go for the sweet-looking 1.3000 handle, but a break in pattern could also motivate the bulls to charge all the way to 1.3300.

NZD/USD: 4-hour

NZD/USD Chart

I smell a pip-battle heating up! The .7690 handle has been supporting NZD/USD in the 4-hour chart, but those lower highs look ready to take on the support! Will the descending triangle give way to the bears until the .7600 level, or will we a break of the falling resistance line? Keep your eyes glued to your charts on this one!

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