Peter A Rosenstreich
Swissquote Bank Ltd
EUR/GBP
Retracement maintained.
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EUR/GBP is trading higher and approaches resistance at 0.8929 (12/01/2018 high). Hourly support remains at 0.8687 (25/01/2018). The technical structure suggests further short-term upside move.
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In the long-term, the pair has largely recovered from 2015 lows. The technical structure suggests further upside pressure. The pair is trading above the range of 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
Bearish breakout.
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EUR/CHF continues its decline heading toward 1.15. Hourly resistance is found at 1.15850 (19/10/2017 high) while strong resistance at 1.1833 (15/01/2018 high) remains. Hourly supports are given at 1.14269 (04/10/2017 low) and 1.1388 (02/10 2017 low).
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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)
Sideways trading.
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Bitcoin is now retracing above 8200. 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.
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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).
This report has been prepared by Swissquote Bank Ltd and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Swissquote Bank Ltd personnel at any given time. Swissquote Bank Ltd is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.
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