Daily Chart Art – May 16, 2013

USD/CHF: 1-hour

USD/CHF 1-hour Chart

If you think that the Greenback isn’t done dominating its counterparts, then this setup is for you! USD/CHF is encountering support at the .9650 area near a former resistance, 38.2% Fib, and a rising trend line support. If that’s not hot enough for ya, then check out the bullish divergence that’s forming on the 1-hour chart! A stop below the trend line could still give you a decent risk ratio if you aim for the pair’s intraweek highs.

EUR/GBP: 4-hour

EUR/GBP 4-Hour Chart

Feel like trading trends today? If you do, then you might want to take a look at EUR/GBP‘s rising channel on the 4-hour chart. The pair is about to hit the channel’s bottom near the .8430 area while stochastic also looks like it’s ready to visit the oversold region. Buying at the bottom and aiming for the top of the channel could give you around 100 pips if your stop loss is accommodating enough.

EUR/AUD: Daily

EUR/AUD Daily Chart

Picking tops is always tricky and potentially dangerous to your account, but if you have a solid trading strategy, then there’s nothing wrong with trading a potential reversal on EUR/AUD‘s daily chart. The pair is hitting a resistance at the 1.3100 area, which is right where the pair bounced in February. Remember that you’re trading the daily chart of a cross currency pair so you better have a wide stop loss if you’re trading this sweet setup!

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.

  • daveswagon

    Hi,only just found this page, seems good,its 16th May 2013 @3pm,keep doing what your doing,thank you.

  • daveswagon

    nice, thank you