Daily Chart Art – October 1, 2010

USDCAD: 4-hour

PoD Chart

That’s is one fly lookin’ chart! It appears that USDCAD has been dancing back and forth within a tight 130-pip range for a couple of weeks now. For now, the pair is sittin’ in “no man’s land”, trading right in the middle of a horizontal trend channel. If you’re part of the bull camp, look for support at the 1.0220 region to potentially hold. On the other hand, if you’re bearish on the pair, a short around 1.0350 seems to be a good idea.

EURJPY: 4-hour

PoD Chart

Can’t get enough of the euro? Check out the rising wedge on the 4-hour chart! The pair has been bouncing around the wedge for quite some time now, and from the looks of the tightening range, we just might see a breakout soon! Too bad the stochastic isn’t any help for now as it looks stuck in the overbought region, but keep close tabs on this one, will ya? For all the euro bulls out there, don’t let the possible resistance at 114.37 catch you by surprise!

CHFJPY: 1-hour

PoD Chart

Boing! Boing! Will the safe-haven currency warriors please make up their minds?! I’m getting dizzy watching the pair bounce along the falling channel! Hmm, but looking at the one-hour chart, I say we’re seeing a break! After lollygagging (dope word yo) at the bottom of the channel, the long green candles are looking mighty fine for an upswing. Stochastic is also on the side of the franc bulls, showing a healthy oversold signal. This could send the pair up to the top of the channel at 85.47 or the 85.62 support and resistance level.