NZD/CHF

Ascending Trianlge (Continuation Pattern - Long)

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Hi Traders

Today I noticed a trend continuation pattern Ascending Triangle on NZD/CHF daily time frame (Top Chart). I have drawn the expected price action move with blue arrows which normally takes place in Ascending Triangles. Once it breaks the level of 0.7870 & retests it, it will give us a nice oppertunity to go long; the next SR level would be 0.8025 which hasn't been broken since June 2008. The profit potential of trade will depend on the size of setup bar, which could easily be 2 : 1.

Bottom chart is weekly chart which is making an uptrend channel, the phase 2 has been over extended sideways thats why it was showing a long consolidation period in daily time frame

If the price action breaks & retests the SR level 0.8025 then it will be a strong bullish move. Alternatively if the this level rejects the price twice within a span of two weeks, it will form a nice divergence on RSI(6) which will be an opportunity of Trend Reversal.

This pair is on my radar now as the opportunity can rise in couple of weeks. Any suggestion is welcome, please do comment to give your opinion.