Daily Forex Chart Art – June 11, 2014

USD/CAD: 1-hour

USD/CAD 1-hour Forex Chart

USD/CAD 1-hour Forex Chart

Looks like USD/CAD is gearing up for another test of the channel support on its 1-hour forex chart! The pair has just edged below the mid-channel area and seems to have enough momentum to drop until the 1.0850 area. A bounce from the bottom of the channel could lead to another rally until the top of the channel above 1.0950 or at least until the halfway point at 1.0900. Make sure you wait for reversal candlesticks if you’re planning to go long around the channel support!

EUR/GBP: 4-hour

EUR/GBP 4-hour Forex Chart

EUR/GBP 4-hour Forex Chart

Woah, that’s a really steep channel on EUR/GBP’s 4-hour forex time frame! The pair has been moving inside this descending range for nearly three months already, and it appears that the channel resistance is still holding like a boss. If the ongoing selloff keeps up, EUR/GBP might find its way back at the bottom of the channel, which is right around the .8000 major psychological support area. If you’re very bearish on the euro, it’s not too late to catch the drop, as EUR/GBP might have around a hundred pips to go before finding support.

EUR/CHF: 4-hour

EUR/CHF 4-hour Forex Chart

EUR/CHF 4-hour Forex Chart

Any euro bulls out there? If you’re looking to buy the euro, then you might wanna consider this rising channel setup on EUR/CHF’s 4-hour forex chart. The pair is already finding support at the bottom of the channel while stochastic is almost in the oversold region already. Another test of the channel support might be in the cards before EUR/CHF could find enough momentum to climb at least until the middle of the channel. Better have those stops ready in case a sharp breakdown takes place though!

 

Chart Settings

Slow Stochastic: 14,3,3
100 SMA: Blue line
200 SMA: Red line

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.