Daily Chart Art – March 10, 2011

EUR/CHF: 4-hour

EUR/CHF Chart

Here’s one for those of you who like to play guessing games. EUR/CHF seems to be fence-sitting at the moment, undecided whether it’ll continue falling to complete the double top formation, or if it’s time to reverse and head back up. This one’s definitely a coin toss! On one hand, the pair just recently recorded a steep drop and Stochastic still has room to fall before it hits oversold territory. But on the other hand, three dojis in a row could be taken as signs of exhaustion from euro bears. So what’s your take on the pair? Is it gonna be up or down?

USD/JPY: Daily

USD/JPY Chart

A shout out to Huck for catching this setup early with her USD/JPY long trade! As anyone with two eyes (sorry Cyclopip) can see, USD/JPY is in a clear symmetrical triangle. Those of you who are lookin’ to do a bit of day trading with this pair should take note of this because just a few days ago, it bounced off the rising support line. That being said, we’ll probably see the pair continue to rise and meet the falling resistance, especially since Stochastic seems to favor the bull run. But if you’re not comfortable with momentum plays, then maybe you ought to wait until price reaches 83.00, where it’s likely to decide whether to bounce or break.

NZD/USD: Weekly 4-hour

NZD/USD Chart

Now let’s move on to NZD/USD. I usually stick with daily, 4-hour, and hourly charts but I think it’s time we look at the big picture on NZD/USD. If you’re part of the bull camp, then you’re in luck because the pair is currently manage to hold above a major support level. From here, we’ll likely see a bounce up, but still do be careful if price manages to break .7300! A close below .7300 could lead to a stronger down move to .7000.