{"id":59040,"date":"2014-08-20T12:48:00","date_gmt":"2014-08-20T16:48:00","guid":{"rendered":"http:\/\/countingpips.com\/?p=59040"},"modified":"2014-08-20T13:59:39","modified_gmt":"2014-08-20T17:59:39","slug":"cadchf-correction-over-rally-should-resume","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/08\/cadchf-correction-over-rally-should-resume\/","title":{"rendered":"CAD\/CHF Correction Over, Rally Should Resume"},"content":{"rendered":"<div id=\"inves-3734051415\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">August 20, 2014<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>Technical Sentiment:\u00a0<strong><span style=\"color: #008000;\">Bullish<\/span><\/strong><\/p>\n<p><strong>Key Takeaways<\/strong><\/p>\n<ul>\n<li>Canadian Dollar received a small boost as Wholesale Sales rose 0.6% in June, above the 0.4% consensus;<\/li>\n<li>No selling pressure can be found near the resistance at 0.8331;<\/li>\n<li>A rally above 0.8331 will pave the way for more gains towards 0.8420.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><em>CAD\/CHF continues to consolidate while relentlessly probing a critical resistance near 0.8331. This signals increased pressure to exceed this level, although we might have to wait for Canada Core CPI and Core Retails Sales reports on Friday to activate this scenario. \u00a0<\/em><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Technical Analysis<\/strong><\/p>\n<p><a href=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/08\/CADCHF-20th-August.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-5839\" src=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/08\/CADCHF-20th-August.png\" alt=\"CADCHF 20th August\" width=\"700\" height=\"344\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">The Double Top reversal chart pattern, formed in July around 0.8420, seems to have run its course. Based on the 200-Day Moving Average bounce we have observed earlier this month, when markets failed to push low enough to confirm a long term bearish view, price remains in bullish territory on the Daily time frame.<\/p>\n<p style=\"text-align: justify;\">In the last couple of weeks traders have been largely preoccupied with 0.8331. Initially a modest price pivot zone, after multiple daily tests and rejections this level has now grown into a critical obstacle for buyers. Additional strength is added by the 50-Day Simple Moving Average and 50% Fibonacci retracement level from 0.8427 down to 0.8235. A daily close above 0.8331 should mark the beginning of an extended rally. Notable upside targets reside at 0.8420 (resistance marked by last month\u2019s Double Top), with a longer term attraction point at 0.8528 \u2013 defined by a huge price pivot zone dating back to 2013.<\/p><div id=\"inves-2531309540\" 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;\">Failure to overcome the resistance immediately does not represent a bearish signal, since price has been consolidating in a very choppy manner between 0.8266\/81 and 0.8331. A dip below 0.8266 could signal another re-test of 0.8237; however downside potential is limited while CAD\/CHF continues to trade above the 200-Day Moving Average.<\/p>\n<p>*********<br \/>\nPrepared by Alex Z., Chief Currency Strategist at <a href=\"http:\/\/www.capitaltrustmarkets.com\/\">Capital Trust Markets<\/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:\u00a0Bullish Key Takeaways Canadian Dollar received a small boost as Wholesale Sales rose 0.6% in June, above the 0.4% consensus; No selling pressure can be found near the resistance at 0.8331; A rally above 0.8331 will pave the way for more gains towards 0.8420. CAD\/CHF continues to consolidate while relentlessly probing a critical resistance [&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-59040","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/59040","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=59040"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/59040\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=59040"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=59040"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=59040"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}