Daily Forex Chart Art – Mar. 31, 2014

USD/CHF: 4-hour

USD/CHF 4-Hour Forex Chart

USD/CHF 4-Hour Forex Chart

Let’s start with a S&R-Fib action on USD/CHF! The pair is lollygagging at the .8880 area, which is a support and resistance zone on the 4-hour chart. What makes the setup more interesting is that it’s also a 38.2% Fibonacci retracement level. Think the Greenback is headed lower? You can place your stop above the Fib areas if you’re looking for new lows but you can also wait for a couple more bearish candlesticks before you jump in.

EUR/CAD: 4-hour

EUR/CAD 4-Hour Forex Chart

EUR/CAD 4-Hour Forex Chart

Ready for another support-and-resistance play? EUR/CAD had just bounced from the 1.5150 minor psychological level, which is an area of interest for the pair since early February. What’s more, Stochastic had just left the oversold area! Do you think the euro is headed higher against the Loonie or are the euro bears just getting a breather?

GBP/NZD: Daily

GBP/NZD Daily Forex Chart

GBP/NZD Daily Forex Chart

Here’s one for position traders out there! GBP/NZD is not only hitting a rising channel support near the 1.9200 major psychological zone, but it’s also popping up a bullish divergence on the daily time frame! A stop just below its previous lows could get you a sweet reward-to-risk ratio if you think that the pound will revisit its yearly highs against the Kiwi.

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.

  • Chuks

    Looks like you will make major hits this week. Nice set ups. Since I’m still expecting Eurusd to be rallying off Friday support zone, it looks like your usdchf would indeed fall off the cliff! I don’t trade it but I remember they have almost 100% opposite correlation. I’ chose euraud for my retracement play. The H&S you called the other day was fruitful. I’m trying to ride the retracement if friday rejection is anything to trust!

    • Big Pippin

      Thanks for reading my posts, Chuks.

      You have a good point about the EUR/USD-USD/CHF correlation. And congrats on your H&S trade! How did you manage your position? Do you have any open trades this week yet?

  • opiata

    im still a newbie in forex, keep me posted for any good setup, be my mentor in forex, be blessed boss.

    • Big Pippin

      Heya, opiata!

      I don’t have enough experience to be a forex mentor but you’re welcome to check out my posts! I usually put up three trade setups during the Asian session five times a week.

  • Gary

    Thanks great setup. I made 35 pips on it . I am still learning and find your insights a great help.

    • Big Pippin

      Awesome.

      Which trade did you take? Was it the USD/CHF setup? What strategy did you use?

      Congrats on your win, bro!