Daily Chart Art – May 22, 2013

USD/CHF: 1-hour

USD/CHF Chart

The ascending triangle on USD/CHF is lookin’ as smooth as silk yo! With price forming higher lows, it really looks as though the market is gearing up for a strong move up. If the .9750 handle gives way, I wouldn’t be surprised to see the pair retest its 2012 highs above .9900. On the other hand, a break of the rising trend line could lead price back down to .9600.

GBP/USD: 1-hour

GBP/USD Chart

Missed that big drop on GBP/USD yesterday? Well, if you show a bit of patience and play your cards right, you might get another chance to sell this bad boy! Price seems to have found support at the bottom of a falling channel, and now it looks as though it may make its way back up the charts. If buyers can somehow push the pair back to the top of the channel, you might get a prime chance to sell the pair at a great price!

EUR/USD: 1-hour

EUR/USD Chart

Rounding up today’s trio is what looks to be an inverse head and shoulders formation in the works. That’s right, folks – EUR/USD seems to be headed for new highs. As you can see, price has already busted through the neckline, which indicates that it might just keep climbing higher. Since the distance from the head to the neckline is roughly 100 pips, it’s possible that the market will rise back up to 1.3000.

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.