Bitcoin: $20k On Target

Yann Quelenn Swissquote Bank Ltd

EUR/GBP

Sideways price action.

EUR/GBP is trading slightly lower. The pair is trading between support at 0.8689 (08/12/2017 low). Resistance is located at 0.8867 (05/12/2017 high). Expected to show further sideways trading.
In the long-term, the pair has largely recovered from recent lows in 2015. The technical structure suggests a growing upside momentum. The pair is trading above from its 200 DMA. Strong resistance can be found at 0.9500 (psychological level).

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EUR/CHF

Monitoring uptrend channel.

EUR/CHF is testing support implied by the lower bound of the uptrend channel. Hourly resistance is given at 1.1737 (01/12/2017 high). Expected to show continued decline.
In the longer term, the technical structure has reversed. Strong resistance is given at 1.20 (level before the unpeg). Yet, the ECB's QE programme is likely to cause persistent selling pressures on the euro, which should weigh on EUR/CHF. Supports can be found at 1.0184 (28/01/2015 low) and 1.0082 (27/01/2015 low).

BITCOIN (in USD)

20k on target.

Bitcoin's bullish momentum is far fom over. The technical structure has shown a tremendous positive short-term momentum. Hourly support is located below 14k (08/12/2017 low). Strong support stands very far at 2975 (22/08/2017 low). In the short-term, the digital currency should continue rising at levels unseen so far.
In the long-term, the digital currency has had an exponential growth. There are decent likelihood that the asset will reach $40'000 in 2018.

Author

Yann Quelenn

Swissquote Bank Ltd

Yann Quelenn is a Market Analyst at Swissquote Bank with strong technical and financial background. Previously, he worked as FX Trader at Banque Privée Edmond de Rothschild and as Portfolio Manager at Polaris Investment in Luxembourg.

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