Daily Chart Art – October 11, 2012

USD/CHF: 1-hour

USD/CHF 1-Hour Chart

The scrilla is making waves on USD/CHF‘s 1-hour chart as it bounces from the trend line support near the 50% Fib retracement. Will the pair head for new highs or will it hit resistance at the .9450 area? After all, stochastic is almost in the overbought territory. A stop below the trend line is a fine idea if you’re planning on buying the Greenback against the franc.

NZD/USD: 4-hour

NZD/USD 4-Hour Chart

Heads up for trend traders out there! NZD/USD has been rolling down a descending channel since mid-September, but it looks like the bears are having trouble dragging the pair below the support at .8150. Is this the opportunity that the Kiwi bulls are waiting for? Wait for more candlestick patterns and signals if you want to go long on this one, homies!

EUR/USD: Daily

EUR/USD Daily Chart

Here’s a clean and simple one for position traders! EUR/USD is heading fast towards the 1.2800 handle, which is not only a psychological level, but is also a possible descending triangle support on the daily chart. Will the major handle support the pair one more time or will the euro bears succeed in dragging the pair below the level?

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.