Bitcoin: Stalling below $3500

Yann Quelenn Swissquote Bank Ltd

EUR/GBP

Consolidating below 0.9100.

EUR/GBP is trading around its highest levels of the year despite ongoing consolidation. Hourly resistance lies at 0.9087 (08/08/2017 high). Hourly support is given at a distance at 0.8742 (16/06/2017 low). Downside risks are nonetheless 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.

EUR/CHF

Selling pressures are back.

EUR/CHF has consolidated and short-term selling pressures are definitely back on. Hourly support is now located at 1.1260 (04/08/2017 low). Expected to show continued weakness.
In the longer term, the technical structure has reversed. Strong resistance at 1.1200 (04/02/2015 high) has been broken. 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)

Stalling below $3500.

Bitcoin keeps on surging. Hourly resistance is given at 3478 (08/08/2017 high) and hourly support lies very far at 2403 (26/07/2017 low). The road is wide open for another bullish move.
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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