Daily Chart Art – September 27, 2010

EURUSD: 1-hour

PoD Chart

What’s the dilly on EURUSD yo? It looks like EURUSD been poppin’ like a Taio Cruz song at the club! The pair has now formed a bullish pennant, indicating that it could be headed for new highs! Will traders put their hands in the air and push the pair higher like they just don’t care? Or will it break lower and find support around 1.3400?

GBPUSD: Daily

PoD Chart

Mmm… That setup on GBPUSD is lookin’ mighty fine! After rallying strongly last Friday, the pair is now in a prime position to retest resistance at the 1.6000 psychological handle. The question is whether buyers have what it takes to push the tempo and create new highs! Right now, it looks like a tossup. Sellers may just be catching their breaths before they take the pair back down to around 1.5400.

USDCHF: 4-hour

PoD Chart

Aww yeah! Looks like we’ve got a bit of action on USDCHF! It’s been trapped in a descending channel for over a month now. At the moment, it seems ripe for an upward bounce as it’s testing the channel’s falling support line. Will it give us the bounce that the bulls have been waiting so long to see? The area of .9935 looks like a good place to bag pips if you’re looking to go long since it once held as support. Then again, you may want to side with the bears just in case USDCHF forges new lows.