Bitcoin: Continued bearish pressures

Yann Quelenn Swissquote Bank Ltd

EUR/GBP

Pushing lower.

EUR/GBP is trading lower. However, as long as prices remain below the resistance at 0.9176 (declining trendline), the short-term technical structure is biased to the downside. Hourly support is given at 0.8982 (12/09/2017). Resistance lies at 0.9306 (29/07/2017 high).
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

Buying demand.

EUR/CHF's buying pressures are going up and the pair has broken resistance area between 1.1356 and 1.1472. Further medium-term sideways moves are favoured.
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)

Continued bearish pressures.

Bitcoin is taking a dive after strong interest over the summer. Strong support lies at 3599 (22/08/2017 low). Key resistance can be located at 4921 (01/09/2017 high). Technical picture remains nonetheless bullish as long as key support hold.
In the long-term, the digital currency has had an exponential growth. There are decent likelihood that the asset will reach $10'000.

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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