Daily Chart Art – September 16, 2010

GBPUSD: 1-hour

PoD Chart

Looks like cable has broken out of that channel I pointed out earlier this week! The pair is now sitting just below 1.5650 and seems to be consolidating. Hmmm… is this a bullish pennant in the making? Keep an eye out for breaks above or below the consolidation. A break above could signal a push to new highs above 1.5700. On the other hand, if we see sellers jump back in the game, they could take the pair down to potential resistance turned support at 1.5570.

USDCAD: Daily

PoD Chart

They ain’t rangin’ like you, Loonie… Ain’t rangin’ like you, Loonie. Yeah! Just check out that horizontal channel on USDCAD. Nice, eh? But wait, that spinning top and inverted hammer just below the 1.0300 handle are hollering that the pair could be in for a reversal! Making things even sweeter for the buyers is the stochastics indicator, which is in the oversold turf. Boo yeah! Not all hope is lost for the sellers though. Who knows, the pair may continue to fall and test the bottom of the channel!

EURCHF: 1-hour

PoD Chart

Somebody call 911! Resistance at the top of the symmetrical triangle on EURCHF held! It looks like sellers ain’t letting the euro strut its swagger up the charts just yet. Stochastics suggests that sellers maybe in control of the pair now, as it has crossed over out of overbought territory and is now indicating downward momentum. Watch out though for potential support at the 1.3000 handle! We may see a lot of buy orders at that psychologically round figure!