{"id":54374,"date":"2014-07-17T08:03:25","date_gmt":"2014-07-17T12:03:25","guid":{"rendered":"http:\/\/countingpips.com\/?p=54374"},"modified":"2014-07-17T08:13:54","modified_gmt":"2014-07-17T12:13:54","slug":"chfjpy-ready-to-collapse-breaks-below-113-00","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/07\/chfjpy-ready-to-collapse-breaks-below-113-00\/","title":{"rendered":"CHF\/JPY Ready to Collapse, Breaks Below 113.00"},"content":{"rendered":"<div id=\"inves-3760939197\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">July 17, 2014<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>Technical Sentiment: \u00a0<span style=\"color: #ff0000;\"><strong>Bearish<\/strong><\/span><\/p>\n<p><strong>Key Takeaways<\/strong><\/p>\n<ul>\n<li>Swiss Franc continues the slide, ZEW-CS Indicator declined 4.7 points to 0.1;<\/li>\n<li>Yen continues to strengthen for the 3<sup>rd<\/sup> consecutive day;<\/li>\n<li>CHF\/JPY broke below a major support level at 113.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><em>A support break in CHF\/JPY is likely to trigger a major slide in the coming days and weeks, as the main downtrend resumes towards 2014\u2019s Low at 111.69.<\/em><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Technical Analysis<\/strong><\/p>\n<p><a href=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/07\/CHFJPY-17th-July.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-5002\" src=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/07\/CHFJPY-17th-July.png\" alt=\"CHFJPY 17th July\" width=\"700\" height=\"352\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">Throughout May and June, the 200-Day Moving Average put a stop to CHF\/JPY\u2019s downtrend, ultimately forming a large triangle chart pattern (easily identified by Higher Lows and Lower Highs). Last week the market offered the first Daily bar close below the 200-Day SMA, signaling a break outside the triangle boundaries at the same time. Since Tuesday\u2019s resistance re-test, CHF\/JPY has been constantly drifting lower without any retracements and we are now witnessing the break below the major support formed in May-June around the 113.00\/10 handle.<\/p>\n<p style=\"text-align: justify;\">Daily Stochastic is also falling in oversold territory, yet we lack any price action signs that would indicate a bounce or consolidation in this area. As a result, we expect CHF\/JPY to close below 113.00 at the end of the day and continue the lower in the coming sessions. The first target towards the downside is 112.40, a small pivot zone February 2014. A bounce can be expected in this area, preferably to re-test 113 from below and confirm the level as resistance. The secondary target is located at 111.68, 2014\u2019s Lowest price level.<\/p><div id=\"inves-673478629\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p style=\"text-align: justify;\">Even with a return above 113, from a swing configuration perspective the trend will remain bearish, at least as long as CHF\/JPY will not exceed the most recent Lower High at 114. Rallies should however be capped much earlier, around 113.40\/60, in order to form a fresh Lower High.<\/p>\n<p>*********<br \/>\n<em>Prepared by Alex Z., Chief Currency Strategist at <\/em><a href=\"http:\/\/www.capitaltrustmarkets.com\/\"><em>Capital Trust Markets<\/em><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Technical Sentiment: \u00a0Bearish Key Takeaways Swiss Franc continues the slide, ZEW-CS Indicator declined 4.7 points to 0.1; Yen continues to strengthen for the 3rd consecutive day; CHF\/JPY broke below a major support level at 113. A support break in CHF\/JPY is likely to trigger a major slide in the coming days and weeks, as the [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-54374","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/54374","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=54374"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/54374\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=54374"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=54374"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=54374"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}