Daily Chart Art – November 12, 2010

USD/JPY: Daily

USD/JPY Chart

A retracement, perhaps? As seen on USDJPY’s daily chart, the pair pulled up from its dive after hitting a low of 80.24. Right now, it looks like the 38.2% Fibonacci level is serving as resistance for the pair. With Stochastic in the overbought area, the pair could resume its drop. But if buyers still have enough energy to push the pair higher, it could still climb until the 61.8% retracement level, which coincides with a former support area.

USD/CHF: 4-hour

USD/CHF Chart

Here’s another Fib action for ya! USD/CHF has been climbing the 4-hour chart since it hit bottom at .9550 a few days ago, but it looks like it could hit resistance at .9760, the 50% Fib and a previous support and resistance area. Stochastic has also been lollygagging near the overbought region for a while now so the bears better be ready for a potential drop! The pair could go down all the way to the support in the .9600 area, but .9900 is also a good level if the bulls manage to push the pair past the resistance.

GBP/USD: 4-hour

USD/JPY Chart

Who’s up for a lil’ head and shoulder play? GBP/USD peaked near the 1.6300 level a few days ago, and it looks like it formed its shoulders in the 1.6100 area. A potential neckline support can be seen at 1.5975, and a break in support can push the pair below the 1.5800 level. Meanwhile, keep an eye out for any surprises as the bulls can still push the pair all the way to the previous resistance at 1.6300.

  • harmansingh9

    Divergence on usdchf

  • mnj1986

    For USD/CHF
    There are two interpretations that we can use to determine either this pair will pull back to the lower side after the pair hit 50% Fib or vice versa. First smooth movement and steady minus slope to the downside on M15, M30 and H1 without any spike to the upper side or yama(Japanese word meaning mountain), second drastically movement with conspicuous slope to the lower side on M5,M15 and M30 also without any yama. In this case, I don`t see any characteristic of this two interpretation. For conclusion, high probability to go to the upper side with target 61% Fib retracement.

  • harmansingh9

    Divergence on usdchf

  • mnj1986

    For USD/CHF
    There are two interpretations that we can use to determine either this pair will pull back to the lower side after the pair hit 50% Fib or vice versa. First smooth movement and steady minus slope to the downside on M15, M30 and H1 without any spike to the upper side or yama(Japanese word meaning mountain), second drastically movement with conspicuous slope to the lower side on M5,M15 and M30 also without any yama. In this case, I don`t see any characteristic of this two interpretation. For conclusion, high probability to go to the upper side with target 61% Fib retracement.

  • cfxland

    working on the H n S for the cable. i bet its gonna break the support, hope it does got a long term short position on this pair, thanks for the hind sight bro. One love, One Nation, One world.

  • cfxland

    working on the H n S for the cable. i bet its gonna break the support, hope it does got a long term short position on this pair, thanks for the hind sight bro. One love, One Nation, One world.