Bitcoin: Rise continues

Peter A Rosenstreich Swissquote Bank Ltd

EUR/GBP

Sideways price action.

EUR/GBP stabilizes slightly below resistance resistance at 0.8929 (12/01/2018 high). Hourly support remains at 0.8687 (25/01/2018). The technical structure suggests further short-term sideways move.
In the long-term, the pair has largely recovered from 2015 lows. The technical structure suggests further upside pressure. The pair is trading above its 200 DMA. Strong resistance can be found at 0.9500 (psychological level) while support remains at 0.8304 (05/12/2016 low).

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EUR/CHF

Monitoring 1.15.

EUR/CHF is weakening after reaching resistance at 1.1585 (19/10/2018 high) and heading for 1.15. Hourly resistance is at 1.1685 (26/01/2018 high) while strong resistance remains at 1.1833 (15/01/2018 high). Hourly support is given at 1.1388 (02/10 2017 low).
In the longer term, the technical structure has reversed. Strong resistance is given at 1.20 (level before the unpeg). Yet, the ECB's slowing QE program is likely to cause buying pressures on the euro, which should weigh in favour of the EUR/CHF. Support can be found at 1.0234 (20/04/2015 low).

BITCOIN (in USD)

Rise continues.

Bitcoin is trading at 9900 after reaching the 10000 range earlier. Strong support and resistance stand at 5605 (13/11/2017 low) and 12130 (18/01/2018 high). The short-term technical structure suggests further upside moves.
In the long-term, the digital currency has had an exponential growth but also presented important downturns. There is decent likelihood that the currency could stabilize between 7'000 - 12'000 in 2018. Bitcoin is trading above its 200 DMA (6'500 range).

Author

Peter A Rosenstreich

Swissquote Bank Ltd

Peter Rosenstreich is Swissquote Bank’s Head of Market Strategy and manages the global strategy desk; he has held various positions in several banking institutions in the United States, Europe & Asia.

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