Daily Chart Art – September 30, 2011

USD/CHF: 1-hour

USD/CHF 1-hour Chart

First up is a look at a couple of key levels on USD/CHF. It seems as if the .9000 is serving as a strong support-turned-resistance point for the pair. The pair is also having trouble breaking through .8930. If we see some strong green candles close above the .9000 handle, it could be sign this play will head back to test former highs above .9100. On the other hand, a candle close below .8930 could signal that the pair is headed for new lows below .8900.

EUR/CHF: 4-hour

EUR/CHF 4-hour Chart

If you love trading breakouts, then EUR/CHF is one pair you should keep an eye on! After spiking up early last week to test the 1.2300 handle, the pair is once again consolidating into a tight range. We may see a breakout soon, so keep your fingers ready to pull the trigger once you see a strong marubozu candle forming!

USD/JPY: 1-hour

USD/JPY 1-hour Chart

Ranging, ranging, ranging! That’s all USD/JPY has been doing lately! Take note though, that while the pair has been finding tough resistance at 76.90, it has recently been marking new highs, as if it’s in the process of forming an ascending triangle. We may see a bounce from the 76.50, and if we see price clearly close above 77.00, it may be time to put on some buy positions!

Before you get carried away with all these chart patterns, remember that technical analysis is only half the story.

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. Check him out, playas!

  • Billyhill1974

    Looks like your right on the money regarding the bounce at 76.500 on USD/JPY! Awesome spot. Plus I see on the wires Japan is pouring funds in to prevent Yen from strengthening further. Nice…

  • nb

    absolutely correct decision on usd/jpy and usd chf. jpy it bounced exact from this level. i will keep in touch with this. also chf broke 0.90 convincingly.