Daily Chart Art – July 15, 2013

GBP/USD: Daily

GBP/USD Chart

Don’t flinch now, I think the previous low on GBP/USD just held. Zooming out on the pair’s daily timeframe, we see that a bullish marubozu closed last week around 1.4900 where the pair previously found support. What do you think? Could this be the start of what could be a double bottom?

GBP/JPY: 1-hour

EUR/CHF Chart

In search of a day trade? Look no further than GBP/JPY! On the hourly timeframe we see that the pair is currently trading around resistance at the top of the falling channel. If you think that there isn’t enough demand to push the pair past resistance at 150.00, we could see it tumble to the bottom of the channel. But be wary! A strong close above the handle could mean that the pair is on it way up 150.50.

USD/CHF: 4-hour

USD/CAD Chart

Last and not the least, here’s a sexy bearish flag pattern on USD/CHF. One way to trade this setup would be to wait for a break below the consolidation at around .9400. However, if you think there’s still room for the pair to move higher, watch out for a close above .9500!

To get the complete picture and avoid getting blindsided by economic data, you also have to do your fundamental analysis.

Lucky for us, Pip Diddy fills us in on what we need to know about fundamentals with his Daily Forex Fundamentals.

  • Ayman Khlifat

    Thank you , looks like a break above 1.52 is coming soon .

  • FxSniper1

    Where is the Neckline on your GU ‘Double bottom’? There is no double bottom without a clear neckline. Don’t force it, mate. We are in a terrific bearish market here!

  • FxSniper1

    I had shorted 1.5184 and plan to hold and add as long as we move lower until 1.42. I have added my second short at current 1.5118 rate and most things if not everything is pointing lower going into month end.

  • FxSniper1

    Here is my Daily chart. H4 too points to possible short off current rate 1.5118. Monthly chart is the most evident

  • Mustafa Ersoy

    @Aymankkhlifat is a thief. Please do not trust him. 6 months passed but he did not pay my money.