Bitcoin: Consolidating around $2500

Yann Quelenn Swissquote Bank Ltd

EUR/GBP

Weakening.

EUR/GBP is very volatile. The pair is consolidating lower. Hourly support is given at a distance at 0.8742 (16/06/2017 low). Downside risks are important.
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

Reaching 1.1200.

EUR/CHF is still trading above psychological level at 1.1000 and the pair is headong towards 1.1200. Selling pressures will likely grow around those levels. Hourly support is located at a distance at 1.0984 (13/07/2017 low). Expected to inch higher.
In the longer term, the technical structure is mixed. Resistance can be found at 1.1200 (04/02/2015 high). 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)

Consolidating around $2500.

Bitcoin's volatility has declined. Strong resistance can be found at 3000 (12/06/2017 high) and hourly support lies at 2403 (26/07/2017 low). Further retracement are expected.
In the long-term, the digital currency has had an exponential growth. There are decent likelihood that the asset will consolidate above $1500. Long-term support is given at $1464 (04/05/2017 low).

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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