CAD/CHF Daily Channel Spans for 7 Months

An ultra-long ascending channel has got traders’ attention on daily CAD/CHF chart. The channel’s beginning is positioned near February 20. It makes the whole channel 7 months old as of today. There are multiple confirmation points for both upper and lower borders. This makes me believe in a strong significance of the detected pattern.
The yellow borders seen on the image below mark the channel itself. Cyan line is my entry level for a bearish breakout. I will only use a sell trade signal generated from this channel and will ignore a bullish breakout because I do not consider upward breakouts of the ascending channels as reliable. Target level is at the green line, which is drawn at 100% of the channel’s height below the lower border.

The channel was detected using the Channel Pattern Detector indicator. The chart was built using the ChannelPattern script (with some manual corrections). You can download my MetaTrader 4 chart template for this CAD/CHF pattern. It can be traded using my free Chart Pattern Helper EA.
Update 2014-10-18: Sell order triggered at 0.83922 this Wednesday. The stop-loss is now set to 0.85050, while the current take-profit level is at 0.81694. The actual TP level will move up together with the channel’s lines every day. The breakout does not seem to be strong and is now in a pull-back phase:

Update 2014-10-26: Trade exited by stop-loss at 0.8505 on Wednesday. The pull-back turned out to be stronger than the breakout momentum:


If you have any questions or comments regarding this ascending channel on CAD/CHF chart, please feel free to submit them via the form below.