{"id":59857,"date":"2014-09-04T12:32:32","date_gmt":"2014-09-04T16:32:32","guid":{"rendered":"http:\/\/countingpips.com\/?p=59857"},"modified":"2014-09-04T18:08:59","modified_gmt":"2014-09-04T22:08:59","slug":"cad-advances-further-against-collapsing-chf","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/09\/cad-advances-further-against-collapsing-chf\/","title":{"rendered":"CAD Advances Further Against Collapsing CHF"},"content":{"rendered":"<div id=\"inves-2214479199\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">September 4, 2014<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>Technical Sentiment: <span style=\"color: #008000;\"><strong>Bullish<\/strong><\/span><\/p>\n<p><strong>Key Takeaways<\/strong><\/p>\n<ul>\n<li>Canada Trade Balance for July 2014 rose to 2.6B, more than twice the consensus;<\/li>\n<li>Euro collapsed following a surprise interest rate cut from ECB, dragging down CHF in the process;<\/li>\n<li>CAD\/CHF rallied over 150 pips following the announcement, breaking above a major PPZ.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><em>Traders had plenty of reasons to be active on Thursday. The European Central Bank reduced benchmark interest rates from 0.15% to 0.05%, deposit rates from -0.1% to -0.2% and brought the subject of an ABS purchase plan; while QE is still on the table.<\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><strong>Technical Analysis<\/strong><\/p>\n<p><a href=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/09\/CADCHF4thSeptember.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-6244\" src=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/09\/CADCHF4thSeptember.png\" alt=\"CADCHF4thSeptember\" width=\"700\" height=\"344\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">The markets have been one sided all day, with Euro experiencing a major sell-off alongside GBP and CHF. Large cash flows were noted into Australian Dollar, CAD and US Dollar. Most pairs went on to break major support and resistance levels, drastically changing the technical landscape for the rest of September.<\/p>\n<p style=\"text-align: justify;\">CAD\/CHF has already been on a major bullish uptrend since March 2014, crossing over the 200-Day Simple Moving Average and bouncing higher off of it multiple times when tested from above. Buying pressure was confirmed since last week of August, when the pair began stabilizing above 0.8420, a major resistance marked by July swing tops. Today\u2019s rally accelerated past another major pivot level at 0.8530, opening fresh targets towards the upside.<\/p><div id=\"inves-3237319654\" 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;\">CAD\/CHF is currently trading around 0.8580, with Stochastic pointing to overbought conditions on all major timeframes. Upside targets, with their corresponding technical handle, are as follows:<br \/>\n0.8600 \u2013 38.2% Fibonacci retracement from 0.9897 down to 0.7803:<\/p>\n<p style=\"text-align: justify;\">0.8700\/20 \u2013 old support level strengthened by 100-Week Moving Average;<\/p>\n<p style=\"text-align: justify;\">0.8850 \u2013 monthly pivot line coupled with a Fibonacci confluence.<\/p>\n<p style=\"text-align: justify;\">Short term retracements should be limited to 0.8528\/30, where offers are expected to accumulate for the time being. The preferred strategy remains to buy dips and remain long while Higher Highs are being priced in.<\/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: Bullish Key Takeaways Canada Trade Balance for July 2014 rose to 2.6B, more than twice the consensus; Euro collapsed following a surprise interest rate cut from ECB, dragging down CHF in the process; CAD\/CHF rallied over 150 pips following the announcement, breaking above a major PPZ. Traders had plenty of reasons to be [&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-59857","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/59857","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=59857"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/59857\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=59857"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=59857"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=59857"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}