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Bitcoin: Strong recovery bounce

Yann Quelenn Swissquote Bank Ltd

EUR/GBP

Recovery bounce.

EUR/GBP continues to bounce higher yet not important resistances have been broken. The pair is back below former resistance at 0.8899 (19/09/2017 low). Hourly support is given at a distance at 0.8746 (27/09/2017 low).
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

Finding buyers.

EUR/CHF recovery bounce continues. Strong resistance lies at 1.1566 (12/10/2017 high). Support is given at 1.1388 (02/09/2017 low). Downside risk is very likely.
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)

Strong recovery bounce.

Bitcoin has bounced strongly suggesting a near term test of 5866 (all-time high). Strong support stands very far at 2975 (22/08/2017 low). Bitcoin si ready to set up new all-time high. The road is wide open for further increase. In the short-term, the digital currency should monitor $6000.
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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