Peter A Rosenstreich
Swissquote Bank Ltd
EUR/GBP
Weakening.
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EUR/GBP is decreasing after reaching 0.8792 high, trading at 0.8753 and heading along the 0.8743 range. EUR/GBP bearish pattern started in March is somewhat weakened. Hourly support and resistance are given at 0.8621 (17/04/2018 low) and 0.8816 (29/01/2018 high). The technical structure suggests short-term decrease.
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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 below its 200 DMA.
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EUR/CHF
Maintained at 1.1975.
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EUR/CHF bullish momentum pauses below the 1.20, trading at 1.1975. Strong resistance at 1.20 remains. Hourly support given at 1.1842 (11/04/2018 low) is distanced. The short-term technical structure suggests further short-term sideways trading moves.
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In the longer term, the technical structure has reversed. Strong resistance at 1.20 (level before the unpeg) is now at reach. 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 and resistance can be found at 1.0624 (24/06/2016 low) and 1.2097 (18/12/2014 high).
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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