Daily Chart Art – October 9, 2012

USD/CHF: 1-hour

USD/CHF 1-Hour Chart

First up for today is a descending channel action on USD/CHF’s 1-hour chart. The pair is having trouble breaking above the top of the channel, which is near a previous support level. A stop loss above the .9350 handle is a good idea if you’re shorting, but you can also wait for a break above the channel if you think that stochastic’s oversold signal means that it’s time to buy.

GBP/USD: Daily

GBP/USD Daily Chart

Are my Ray-B’s fogging up or am I seeing a potential Fib play on Cable’s daily chart? The pair hit a resistance around its former highs and now it’s heading fast towards the Fib areas. Will the 50% Fib, 1.5850 minor psychological handle, and oversold stochastic do the trick for the pound bulls? Let me know if you’re trading this one!

AUD/JPY: Daily

AUD/JPY Daily Chart

Heads up, homies! AUD/JPY just popped up a doji at a previous support area! The bullish divergence and the 79.50 psychological level aren’t hurting the long trade idea either. A stop below the former support area could make for a good reward-to-risk ratio if you aim for the pair’s previous highs at around 83.00.

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.

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