Daily Chart Art – Sept. 14, 2016

USD/CHF: 1-hour

USD/CHF: 1-hour Forex Chart

USD/CHF: 1-hour Forex Chart

First up is an easy peasy resistance play on USD/CHF. The pair is lollygagging at the .9775 handle, which lines up nicely with a support-turned-resistance level on the 1-hour time frame. This time around an overbought stochastic signal is attracting forex bears like it’s the sweetest salmon. Watch your trade closely if you’re planning to short this one though! The mid-range level around the SMAs could provide some support and prevent the pair from touching the .9685 range bottom.

AUD/USD: 4-hour

AUD/USD: 4-hour Forex Chart

AUD/USD: 4-hour Forex Chart

Here’s another one for range traders out there! AUD/USD is having trouble breaking below the .7460 level, an area that has been serving as support since late June. Not only that, but a bullish divergence has also popped up on the 4-hour chart! Will the Aussie see a bounce against the dollar? Buying at current levels could get you a good reward-to-risk ratio especially if the pair pops back up to the .7775 range resistance. If you’re not a fan of the Aussie though, then you can also wait for a break below said support levels and shoot for a short trade at a breakout.

GBP/JPY: 4-hour

GBP/JPY: 4-hour Forex Chart

GBP/JPY: 4-hour Forex Chart

Retracement alert! GBP/JPY is hanging out at the 135.00 – 135.50 levels, which is right smack at a 38.2% Fib on the 4-hour time frame. What makes this setup interesting is that the retracement also lines up with an area of interest. The cherry on top of the bullish sundae is a potential bullish divergence in the making. Think the pound is about to make pips against the yen? A long trade at market prices could make for a good trade in case of a Fib bounce. Just make sure you leave enough room for yen volatility when setting your stop losses!

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.