Daily Chart Art – October 11, 2010

EUR/CHF: 4-hour

EURCHF 4-hour chart

Let’s kick off the week with a look at EUR/CHF! That bad boy’s been riding’ high, as it’s been posting higher lows the past month. However, it has been struggling to put up some new highs, and it seems to be consolidating into a rising wedge. Is this pair prime for a breakout? Look for a solid candle close above 1.3500 as a sign that this pair is breaking higher like Kid Cudi’s rep. On the other hand, if we see a close below the rising support line, we may see the pair drop and test an area of interest around 1.3130.

EUR/JPY: 4-hour

EUR/JPY 4-hour chart

Next, let’s kick it on the 4-hour chart of EUR/JPY. The pair appears to be wrestling with resistance on the 50% Fibonacci level after closing the weekend gap. With stochastic still showing upward momentum, will the pair rise up and test the previous high at 115.67? Or will it tank all the way to the support and resistance area near the 114.00 handle? Let’s stretch those muscles and start baggin’ some pips!

AUD/USD: 1-hour

AUD/USD 1-hour chart

Could the double top bring trouble to AUD/USD? The pair hit resistance around the .9900 handle in the one-hour chart, and the last red candle is suggesting that the pair still has room to break lower. My homie stochastic is also chillin’ in the overbought region, so we may see sellers jump back in and push the pair all the way to potential supportl at .9840. Keep close tabs on this one!