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Trading USDCHF Short. Brent Crude Price Action in Double Bottom.


Welcome to this week’s Market Blast Technicals.

I’m Brad Alexander and on behalf of Valutrades let’s take a look today at Brent Crude (UKOil), USDCHF, the FTSE (UK100), and Gold (XAUUSD).


We broke the Double Bottom on Gold that we found a while ago and price action is now at the upper trend line in this bearish run that has been running since last July.Screenshot 2021-04-27 at 11.05.39

We may see a further fall in price off this swing high from last week on the daily chart,  but be aware of the post-COVID Fibonacci where we see strong support at the 50% level.

We are finally getting some positive moves on the FTSE100 UK stock Index which has yet to return to pre-COVID levels.Screenshot 2021-04-27 at 11.06.09

Price has been following this lower trend line but watch out for resistance at 7040 which was a key level of support in 2019.

We looked at USD weakness yesterday and we see a chance to join the trend today with USDCHF.Screenshot 2021-04-27 at 11.06.25

Price action has returned to the upper trend line and we see a short opportunity if price reverses and the Stochastic Oscillator gives us a bearish signal.Screenshot 2021-04-27 at 11.06.40

We spotted this Double Bottom on Brent Crude with a neckline at $65.50, so we could see a break and a return to previous levels at $67 but watch the fundamentals as the global COVID pandemic is still affecting crude oil demand.

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That’s all for now.  Happy trading with Valutrades and we will see you later in the week with our trading tips video.

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