Daily Pivots: (S1) 0.9397; (P) 0.9455; (R1) 0.9510; More….
EURCHF reversed ahead of 0.9516 resistance but recovered well ahead of 0.9359 support. Intraday bias remains neutral first. On the downside, break of 0.9359 will argue that recent rebound from 0.9204 has already completed and bring deeper fall. However, sustained break of 0.9516 will carry larger bullish implication and extend the rise from 0.9204.
In the bigger picture, sustain above 38.2% retracement of 0.9928 to 0.9204 at 0.9481 should confirm that whole fall from 0.9928 has completed at 0.9204. Further rally should then be seen back to 61.8% retracement at 0.9651 and above. However, another rejection by 0.9481 will keep outlook bearish for extending larger down trend through 0.9204.
