Peter A Rosenstreich
Swissquote Bank Ltd
EUR/GBP
Bearish consolidation maintained.
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EUR/GBP bearish momentum continues. Hourly support and resistance are given at 0.8812 (10/11/2017 low) and 0.8982 (28/11/2017 high). The technical structure suggests shortterm sideway moves.
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In the long-term, the pair has largely recovered from 2015 lows. The technical structure suggests further upside pressure. Strong resistance can be found at 0.9500 (psychological level) while support remains at 0.8304 (05/12/2016 low). The pair is trading above its 200 DMA.
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EUR/CHF
Slight decrease.
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EUR/CHF has now entered in a bearish momentum bouncing off 1.1677 support. Hourly support and resistance are given at 1.1677 (07/03/2018 low) and 1.1735 (08/03/2018 high). The short-term technical structure suggests further short-term decrease.
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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)
Direction-less.
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Bitcoin trades indistinctly at the 9000 range following recent bounce at 8368. Expected to show short-term stabilization. Bitcoin is contained between hourly support and resistance at 7614 (02/02/2018 low) and 12130 (18/01/2018).
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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 approaching its 200 DMA (7000 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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