Daily Chart Art – November 22, 2010

USD/CHF: 1-hour

USD/CHF Chart

Is USD/CHF about to fly high like a G6? The pair has been hanging out in a rising channel over the past few days, and it looks like it might soon go up after staying in a tight range for the last 5 candles or so. Stochastic is also fast approaching the oversold territory, which might give even more encouragement to the bulls. A move to parity might be a good target for the bulls, while a break in the pattern can help the bears to push the pair to .9860, a previous support and resistance level

EUR/JPY: 4-hour

EUR/JPY Chart

Look at EUR/JPY go! After hitting a bottom near 111.00 a few days ago, the pair is now nearing its previous high at 115.30. Will the pair hit resistance once more and drop to a support at 113.00, or will it sail past the previous high all the way to the 118.00 area? Stochastic is supporting a sell signal in the overbought region, but keep close tabs for any surprises!

GBP/USD: 4-hour

GBP/USD Chart

If you’re extremely bullish on the Cable, you may want to think twice! As you can see, the falling trend line that stretches all the way back in November 5 held up quite nicely last week, indicating that the downward trend still isn’t broken. Given how the pair has been making “lower lows” and “lower highs”, the bias is for a further move down, so look for a potential retest of major support at 1.5850. As long as that falling trend line holds, then you bears are safe yo!