USDCHF Rise After Breakout

USDCHF is in a sharp downtrend, but price got rejected twice from 0.9157 level and started moving sideway in a rectangle pattern.

As you see in the chart, the sideway zone is broken out to the upside and price is fixed above the pattern.

On the other hand, there is a resistance level at 0.9273, and price failed to break it. We should wait for price to break this level and close a candle above it, to expect more rise.

If price had a retest to 0.9218 and there was any bullish signal in the lower time frames, we can expect a rise on USDCHF towards the red resistance zone, and in the case of an upside breakout on the resistance (0.9273), the next target would be 0.9319