Daily Forex Chart Art – June 15, 2015

USD/CHF: 1-hour

USD/CHF 1-hour Forex Chart

USD/CHF 1-hour Forex Chart

Check out this descending trend channel forming on USD/CHF’s 1-hour forex chart! The pair seems to have bounced off the channel support and might be gearing up for another test of resistance. Stochastic is moving up from the oversold region anyway, indicating that a climb is possible. If you think the trend is your friend, then you could wait for reversal candlesticks to form around the top of the channel at the .9350 minor psychological mark. But if you think that dollar bulls are about to charge and that a breakout is due, better keep those eyes peeled in case a long green candle closes above the channel resistance.

USD/CAD: 1-hour

USD/CAD 1-hour Forex Chart

USD/CAD 1-hour Forex Chart

Now here’s my all-time favorite break-and-retest setup forming on USD/CAD’s 1-hour forex chart. The pair recently broke below support at the 1.2400 major psychological level and dipped to a low of 1.2217 before showing signs of a retracement. Using the handy-dandy Fib tool on the latest swing high and low shows that the 50% Fibonacci retracement level coincides with the broken support area, which might now hold as resistance. Stochastic is already starting to move lower, suggesting that sellers are eager to push prices back down. A break below the current consolidation could mean that the pullback might not even reach the nearest Fib level!

EUR/USD: Daily

EUR/USD Daily Forex Chart

EUR/USD Daily Forex Chart

Y’all didn’t think I’d have nothing for the swing traders, didn’t ya? Longer-term traders out there might be interested to see this ascending triangle pattern forming on EUR/USD’s daily forex chart, as the pair made higher lows and found resistance at the 1.1350 minor psychological level. It looks like the top of the triangle is still keeping gains in check while stochastic is crossing down the overbought area, hinting that another move back to the triangle support near 1.1000 is in order. If you’re holding out for a bigger breakout move, just note that the chart pattern is approximately 800 pips in height, which means that the resulting move could be of the same size.

Forex 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.

  • Haridass Velu

    your previous post helped a lot to gain some green pips……thanks a lot.. i will test your todays post also…