Daily Chart Art – January 20, 2014

EUR/AUD: 1-hour

EURAUD

First up is a hot Fib play on EUR/AUD. The pair looks like it’s headed towards the 1.5330 area, which was a strong resistance early this month. Not only that, but it’s also a 32.8% Fib on the 1-hour time frame! EUR/AUD has no problem taking on volatility so keep your stop losses wide if you’re planning on trading this one!

EUR/GBP: 4-hour

EURGBP

Countertrend trade, anyone? EUR/GBP is sitting at a potential mid-channel support just above the .8200 major psychological handle. What’s more, Stochastic is in the oversold territory! This cross currency pair is still popping up red candles though, so you can wait for candlestick confirmation if you’re not too sure about buying the euro against the pound.

USD/CHF: Daily

USDCHF

I spy with my cool, blue eyes a possible resistance-turned-support trade! USD/CHF just bounced from a falling trend line that had served as resistance since September last year. Does this mean that the tides are turning for the Greenback? Keep an eye out for new highs that might prompt the bulls to push this baby to a start of an uptrend!

To get the complete picture and avoid getting blindsided by economic data, you also have to do your fundamental analysis.

Lucky for us, Pip Diddy fills us in on what we need to know about fundamentals with his Daily Forex Fundamentals.

  • FxSniper

    I think you should pay critical attention to usdchf 0.9126 resistance. Bulls will be in trouble if that level gets rejected and it looks like it will. Best is to wait for a Day candle to close around that figure. By the end of today, I should have more evidence of rejection but already, intra day fills suggest a firm rejection is in place and this pair still has some unfinished business with the down places. Inversely eurusd should be rallying yet again leaving the enthusiastic bears confounded, yet again! Expect all eur crosses to strengthen too. Good luck mate