Daily Chart Art – September 30, 2013

USD/CHF: 1-hour

USD/CHF Chart

Heads up! We’ve got a potential break and retest situation going on here! USD/CHF just broke below the .9100 major psychological support last Friday, but the pair appears ready to pull back today. Stochastic has reached the oversold region and is moving higher, suggesting that price could do the same. The former support level lines up with the 61.8% Fibonacci retracement level, which could act as resistance from now on.

EUR/USD: 1-hour

EUR/USD Chart

Yo homies, what do you think of this EUR/USD range? The pair gapped down over the weekend then dipped to the bottom of the range around 1.3475, but it might bounce back to test the top again. Stochastic looks ready to make its way out of the oversold region and the pair could have a chance at closing that weekend gap pretty soon.

USD/JPY: 1-hour

USD/JPY Chart

Now here’s a falling channel that’s just beginning to form on USD/JPY’s 1-hour time frame. The pair has been making lower highs and lower lows, showing that a downtrend is in the works. It is currently stalling at the middle of the channel but stronger selling pressure could take it all the way down to the bottom near 96.50. Take note though that stochastic is already in the oversold zone, which means that dollar bears are getting exhausted.

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.