Daily Chart Art – November 18, 2010

EUR/CHF: 4-hour

USD/CHF Chart

Doesn’t EUR/CHF look sexy with those Fib lines? Rawr! Anyway, it seems like the 38.2% Fib level was too much for buyers to handle and sellers may just get dibs on the pair. If there are enough of ‘em to reprezent, we may just see EUR/CHF hustle all the way back down to its most recent low. But despite Stochastic already indicating downward momentum, I wouldn’t be so sure about rooting for the Swissy until I see a convincing break of minor support at around 1.3365. Who knows, buyers may just be revving up to push the pair to a new weekly high.

USD/CAD: 4-hour

USD/CAD Chart

Next up, let’s take a look at that crazy Loonie. After finding support just below parity earlier this month, the pair has slowly treaded up the charts, and is now sitting just above the 1.0200 handle. It appears though, that it is finding resistance at a falling trend line. With Stochastic in overbought territory, is it time for this pair to reverse? Look for a bearish red candle as a sign that it is indeed heading back down. On the other hand, if we see a solid candle close above the falling trend line, we could see the pair test former highs around 1.0350.

GBP/USD: 4-hour

GBP/USD Chart

Aha! With GBP/USD sporting lower highs and lower lows and forming a descending channel, it seems like losing pounds is the new fad. Holler! But before you hop on the bandwagon, you may want to take a peek at Stochastic being in the oversold turf because Cable may just retrace some of its losses back to the 38.2% Fib level. If buyers get rejected at that level, the pair could carry on strutting its stuff down the channel. If it doesn’t, the pound could rally all the way up to the 61.8% Fib and test resistance at the top of the channel around 1.6050.

  • JamesJones

    Bitch slap Pip Surfer for me. His system sucks ass. Teach him how to read confluences instead of stupid indicators.

  • JamesJones

    Bitch slap Pip Surfer for me. His system sucks ass. Teach him how to read confluences instead of stupid indicators.