Daily Chart Art – February 18, 2011

AUDUSD: Daily

AUD/USD Chart

Check out the ascending triangle on the daily chart! It looks like the pair is finding resistance at the 1.0200 handle after a strong uptrend. Is AUD/USD in for a fall, or are the bulls just taking a breather? Stochastic is currently on the middle ground, but as the coolest forex education site would tell you, price can also head down if buyers get tired and started playing Starcraft. The .9500 handle is a pretty good target for the bears, while the 1.0500 level also looks sweet if the bulls get over the current resistance.

USD/CHF: Daily

USD/CHF Chart

Now let’s see what’s going on with the Swiss franc. I took a look at the pair’s daily chart and noticed that it has been stuck inside a huge range. The pair was unable to bust through resistance around .9750 and, at the same time, it found support at the .9350 level. With stochastic pointing down, sellers probably have enough energy to push the pair lower. If they do, USD/CHF could make another bounce at the .9350 support.

EURGBP: 4-hour

EUR/GBP Chart

EUR/GBP has been sliding down the channel on the 4-hour chart, and it doesn’t look like it’s ready for a break anytime soon! The pair just touched resistance near the .8400 handle, and Stochastic just rejected the overbought zone. Watch this pair closely, will ya? Let’s see if the bears manage to drag the pair to the .8300 level and beyond, or if the bulls get past resistance and lift the pair to .8500.