EURCHF: Slight decrease

Peter A Rosenstreich Swissquote Bank Ltd

EUR/GBP

Bearish consolidation maintained.

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.
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.

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.
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.

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).
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).

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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