Daily Chart Art – July 14, 2010

USDCHF: Daily

PoD Chart

Alright folks, USDCHF is currently trading at a very important support level. If you’re part of the bull camp, I bet you’re very happy price is unable to close below 1.0500 handle, indicating that there is some buyer interest at that level. Moreover, stochastics also shows that conditions are deeply oversold, which could mean that sellers are running out of steam. Now, if you’re part of the bear camp, look for a convincing candle close below 1.0500 to determine that a downside rally is in order!

GBPJPY: Daily

PoD Chart

It looks like GBPJPY is finally breaking out of its consolidation. Price just made a serious bull run and completely wrecked that falling trend line resistance. Whether the move will continue or not is still up for grabs as the daily candle has yet to close. The day is far from over, which means there is still a lot of time for the bears to catch up and take price back down. In any case, watch out for potential resistance around the 136.00 handle for now, as it has held strongly in the past.

AUDUSD: Daily

PoD Chart

Ooh, AUDUSD is sitting right on the support turned resistance level at .8850. Would that resistance level hold or would the pair’s rally be so much stronger? If the resistance at .8850 holds its ground, the pair could tumble back until this month’s lows near the psychological .8300 handle. On the other hand, if the pair’s upward movement persists, it could encounter another resistance level at the .9000 mark.